Chainlink rose to a six-month high in today’s session, as crypto markets moved back into the green on Tuesday. Markets were buoyant following stronger than expected Chinese growth data, with the global market cap up 0.45% as of writing. Litecoin also climbed, hitting a two-month high in the process.
Chainlink (LINK) rose to a six-month high on Tuesday, as the global crypto market cap rebounded from Monday’s decline.
LINK/USD rallied to an intraday high of $8.66 in today’s session, a day after trading at a low of $7.97.
Today’s surge in price saw chainlink climb to its highest point since November 8, when it traded at a peak of $9.48.
Looking at the chart, one of the catalysts of today’s surge in price was a breakout that occurred on the relative strength index (RSI).
At the time of writing, price strength has moved beyond a ceiling at the 68.00 mark, and is now tracking at 72.93
This is the strongest reading for the index since February 2021, which could mean that a reversal is on the cards.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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