ATOM Nears 4-Month High, LINK Higher – Market Updates Bitcoin News

Cosmos were again in the green, as the signal neared a four-month high in Friday’s session. Prices broke above a key resistance level during the day as bearish sentiment continued to rise. Chainlink also rose as prices rose for the third consecutive session.

Cosmos (ATOM)

Cosmos (ATOM) continued to trade higher on Friday, as the signal approached a multi-month high.

ATOM/USD rose to $16.25 during the session today, pushing prices above a key resistance level in the process.

The ceiling mentioned above is the $16.15 level. The move came as prices traded at $14.40 in less than 24 hours.

The biggest movers: ATOM nears 4-month high, LINK is higher
ATOM/USD – Daily Chart

Friday’s increase brings the token closer to last Friday’s peak of $17.20, which was the highest point for ATOM since May 9.

As can be seen from the chart above, the 14-day relative strength index (RSI) is tracking at the 65.00 mark, which is historically a resistance level.

If Cosmos holds again and reaches the highs from last week, the chances of ATOM moving above $17.20 will increase significantly.

Chainlink (LINK)

Like ATOM, Chainlink (LINK) also rose for the third straight session on Friday, as bulls continued to push prices toward key resistance levels.

Following Thursday’s low of $7.07, LINK/USD made a run to a high of $7.77 earlier in the day.

This peak brought the token closer to the long-term price ceiling of $8.05, the level at which LINK was trading to start the week.

The biggest movers: ATOM nears 4-month high, LINK is higher
LINK/USD – Daily chart

However, following disappointing inflation data from the United States, market volatility has increased, keeping crypto prices mostly low.

Today’s rise comes as the 14-day RSI breaks through a key barrier, which in this example is the 53.95 resistance level.

Bulls will likely continue to target a move above $8.00 this weekend, but it remains to be seen if there is enough momentum in the market to see this through.

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Do you expect Chainlink to hit $8.00 this weekend? Let us know your thoughts in the comments.

Ilya Dumbledore

Elliman brings a unique perspective to market analysis, having previously been a brokerage director and retail trade instructor. Currently, he works as an analyst in various asset classes including Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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