Cosmos was once more in the green as the token moved closer towards a four-month high on Friday. Bullish sentiment continued to grow, and prices rose above a key resistance level. Chainlink traded higher as well, with prices rising for the third consecutive session.
Cosmos (ATOM), which traded higher Friday, moved closer to a multimonth high.
Today's session saw an intraday high for ATOM/USD of $16.25, pushing prices higher than a key resistance level.
The $16.15 ceiling is the ceiling mentioned above. This move is less than 24 hours after prices fell to $14.40.
Friday's surge brings the token closer than last Friday's peak at $17.20. This was ATOM's highest point since May 9.
The chart shows that the 14-day relative strength indicator (RSI), is currently tracking at the 65.00 level, which historically has been a resistance level.
If the cosmos could recapture and surpass last week's high, then ATOM would see an exponential increase in its likelihood of moving above $17.20.
As ATOM (LINK) rose on Friday for the third consecutive session, bulls continued pushing prices towards a key resistance level.
After a low of $7.07 Thursday, LINK/USD rose to an intraday high at $7.77 just a few hours earlier.
This spike pushed the token closer towards its long-term price ceiling at $8.05. That is the level LINK traded at to begin the week.
Market volatility rose following disappointing US inflation data, which sent crypto prices generally lower.
Today's surge is due to the fact that the 14-day RSI passed a crucial obstacle, which in this case is the 53.95 resistance level.
Bulls will likely target a move of $8.00 or more this weekend. However, it remains to be determined if there is enough momentum to make this happen.
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By: Eliman Dambell
Title: Biggest Movers: ATOM Moves Closer to 4-Month High, LINK Also Higher
Sourced From: news.bitcoin.com/biggest-movers-atom-moves-closer-to-4-month-high-link-also-higher/
Published Date: Fri, 16 Sep 2022 16:00:03 +0000
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