Biggest Movers: LINK Hits 6-Week High, UNI up 16% on Tuesday

Bitcoin News

Chainlink hit a six-week high during Tuesday’s session, as the token rose for a sixth consecutive session. The move saw the token rally past a key resistance level in the process. Uniswap was also in the green, with prices climbing by as much as 16% earlier in the day.

Chainlink (LINK)

Chainlink (LINK) rose for a sixth straight day on Tuesday, which took the token to its strongest point since mid-August.

After trading at a floor of $6.55 last Wednesday, LINK/USD has rallied in back-to-back sessions, with today seeing prices hit a high of $8.36.

Tuesday’s top is the highest mark that chainlink has hit since August 17, days after a failed breakout from the $9.50 level.

LINK/USD – Daily Chart

Looking at the chart, today’s price surge came after a successful move beyond a ceiling of $8.05.

In addition to this, there was another breakout, with the 14-day relative strength index (RSI) marginally climbing past a resistance of its own.

As of writing, the index is now tracking at 61.03, which is its highest point since August 14.

Uniswap (UNI)

Another notable gainer on Tuesday was uniswap, which rose by as much as 16% during today’s session.

UNI/USD surged to a high of $6.68 on Tuesday, which saw prices climb to their highest point since September 13.

As a result of today’s move, uniswap is now trading near a ceiling of $6.70, which has historically been a point of contention.

UNI/USD – Daily Chart

Earlier gains have somewhat eased as the day has progressed, and as of writing the token is trading at $6.61.

This is a result of the RSI also nearing a hurdle of 58.00, which has resulted in some traders liquidating earlier positions.

In order for UNI to move above $7.00 in the coming days, the RSI will likely need to move past the 58.00 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Do you expect UNI to climb above $7.00 in the coming days? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons, sdx15 / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

US Treasury’s Yellen Says Crypto Doesn’t Have Adequate Regulation — Calls FTX Collapse ‘a Lehman Moment’
Venezuelan Currency Plunges Almost 40% Against the US Dollar, Analysts Cite Crypto Drought as Part of the Problem
Inside LBank’s Exquisite Afterparty at DCENTRAL Miami
New BTC miner capitulation? 5 things to know in Bitcoin this week
Kevin O’Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed