Bitcoin and other crypto tokens continued their bullish momentum in the new week on Monday. All the crypto tokens stepped in the early trades, continuing the weekend momentum. The euphoria around regulatory approval of a spot bitcoin exchange-traded fund (ETF) listing helped the crypto surge lately.
Chainlink (LINK) is currently in a major rally on the back of RWA (Real world assets) narrative and wider positive sentiment in the market. The token has been on the sidelines for most of 2022 and 2023 but recently saw a considerable surge in price. LINK went from $5.9 in early September to $11.2 today, a 90% surge in price.
Image: Chart-Chainlink
The token has broken the $10 key resistance level, and continued strong development is likely. The Bollinger Bands are currently wide as the price volatility increases near the $9 mark and the price action is trending well above the indicator’s mean line. The upward shift has propelled the RSI index to the overbought territory and is currently sitting at 76.9. If the price manages to successfully surpass the $12 mark, this could lead to further increase towards the resistance level of $13.5.
Major Levels:
Support: $10, $9, $7.85
Resistance: $12, $13.5(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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