Chainlink (LINK)
Chainlink (LINK) experienced a significant surge, with the token increasing by nearly 20%. It reached a high of $8.32, the strongest point since April. This rally coincided with the relative strength index (RSI) breaking out of its ceiling at 72.00. The RSI is currently at 73.03 and could potentially reach a resistance point of 77.00, surpassing last Thursday’s peak.
Stellar (XLM)
Stellar (XLM) also had a significant increase, rising by nearly 20%. It reached a high of $0.1793, the highest point since last Thursday. However, this gain has led to overbought conditions in XLM, indicating a potential end to the current uptrend. The RSI is currently at 71.87 and approaching a resistance zone at the 73.00 mark. Traders may consider securing profits as price strength approaches this point.
Key Points:
- Chainlink (LINK) surged by almost 20% and reached its highest point since April.
- The relative strength index (RSI) broke out of its ceiling at 72.00.
- Stellar (XLM) saw a similar increase, rising nearly 20%.
- Both tokens are approaching resistance points, with LINK potentially surpassing last week’s peak.
- XLM is now overbought, signaling a potential end to the current uptrend.
Hot Take:
Both Chainlink (LINK) and Stellar (XLM) experienced significant gains, with LINK reaching its highest point since April. However, caution is advised as both tokens approach resistance points, and XLM is currently overbought. Traders should closely monitor these developments and consider securing profits as price strength reaches these levels.
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