Eliman Dan Bell
Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.
While crypto markets traded lower today, both Tezos and LINK rose to one-month highs on Thursday. XTZ is up 8.5% in today's trade, while LINK is up nearly 9% on the day. Overall, the global cryptocurrency market cap is down 0.55% as of this writing.
Chainring (link)
LINK continued its recent moves on Thursday as prices rose nearly 9% during today's session.
Following Wednesday's low of $8.49, LINK/USD rallied to a session high of $9.46 on Thursday, consolidating a four-week high.
Today's peak price rose to its highest since May 10 as LINK fell from the $11 level.
However, due to the recent run, LINK now looks set to surge further, eventually retaking the $10 point in the process.
Thursday's move also saw prices fully breach resistance at $8.80 after yesterday's false breakout.
At press time, the 14-day RSI is 2 pips below the upper limit of 64, which could be a signal for bulls to close early positions to secure gains in the process.
Tezos (XTZ)
In addition to LINK, XTZ also rose to a 4-week high on Thursday with a price increase of as much as 9%.
At press time, XTZ/USD had hit an intraday high of $2.23 in today's session, the highest level since May 9.
Looking at the chart, the move took the price just above the $2.20 resistance level, but it slipped as the session progressed.
While prices continue to hold near today's highs, the fact that the RSI has hit its upper limit worried the previous bulls.
Ultimately, what happened to XTZ is what could happen to LINK once the RSI reaches its own resistance.
Tezos bulls may still be looking to overcome the current price cap, with traders targeting $2.50.
Could we see XTZ rally to $2.50 in the next few days? Let us know your thoughts in the comments.
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