DOT, LINK rises to multi-week highs on Monday – improving market bitcoin news

Polkadot rose to a multi-week high to start the week, as prices rose for a second straight day. The signal was briefly withdrawn from a key defensive point, in the wake of Monday’s emergency. Chainlink also moved to its highest point in two weeks, with the token now trading 13% higher in the past seven days.

Polka Dots (DOT)

Polkadot (DOT) was higher for a second consecutive session as the token’s price neared a two-week high.

Following Sunday’s low of $7.21, DOT/USD rose to a high of $7.61 to start the week.

The move saw Polkadot briefly break away from its long-term resistance level of $7.60 before quickly retreating.

Biggest movers: DOT, LINK rise to multi-week highs on Monday
DOT/USD – Daily Chart

As can be seen from the chart, this defensive point has historically been a point of uncertainty, with bears recently dominating sentiment in this area.

DOT is now trading at $7.52 from previous highs as bulls opted to take profits shortly after hitting the aforementioned resistance.

Bulls continue to target a breakout, with the higher ceiling likely to be an exit at $8.10.

Chainlink (LINK)

Chainlink (LINK) was also higher on Monday, nearing its strongest level in the past two weeks.

LINK/USD rose to $7.25 to start the week, its highest point since August 25.

Like Polkadot, Monday’s action led to a breakout, with LINK breaking through the $7.20 ceiling.

Biggest movers: DOT, LINK rise to multi-week highs on Monday
LINK/USD – Daily chart

The move came as another resistance level was breached, the 14-day Relative Strength Index (RSI).

As of writing, the index is tracking at 51.28, which is higher than the long-term ceiling of 50.00.

If this trend continues, we will see LINK bulls attempt to recapture the $7.50 level.

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Could we see Chainlink hit $8.00 in September? Let us know your thoughts in the comments.

Ilya Dumbledore

Elliman brings a multifaceted perspective to market analysis, having worked as a Broker Director, Retail Educator and Market Analyst in Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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