Despite the crypto market trading lower today, Tezos and LINK both rose to one-month highs on Thursday. XTZ was up by 8.5% during today’s session, whilst LINK rose by nearly 9% in the day. Overall, the global crypto market cap is down 0.55% as of writing.
LINK continued its recent run on Thursday, as prices rose by almost 9% during today’s trading session.
Following a low of $8.49 on Wednesday, LINK/USD rallied to an intraday peak of $9.46 on Thursday, cementing a four-week high.
Today’s peak saw prices rise to their highest point since May 10, as LINK made its way down from the $11 level.
LINK/USD – Daily Chart
However, as a result of recent runs, LINK now looks set to surge even further, eventually recapturing the $10 point in the process.
After a false breakout yesterday, Thursday’s move also saw prices fully move beyond resistance at $8.80.
As of writing, the 14-day RSI is two points below a ceiling of 64, which could be a signal to bulls to close earlier positions, securing gains in the process.
In addition to LINK, XTZ also rose to a four-week high on Thursday, with prices climbing by as much as 9%.
As of writing, XTZ/USD hit an intraday high of $2.23 in today’s session, which is its highest level since May 9.
Looking at the chart, the move took prices marginally above a resistance level of $2.20, but slipped up as the session progressed.
XTZ/USD – Daily Chart
Although prices continue to remain close to today’s highs, the fact that the Relative Strength Index has hit a ceiling has worried previous bulls.
Ultimately, what is happening with XTZ is what could happen with LINK once the RSI hits its own resistance.
Tezos bulls will likely still be hoping to overcome the current price ceiling, with traders targeting the $2.50 level.