Cardano's Bull Run Continues
The rally began near a $6.50 support level and took price over its recent resistance of $8.80. LINK/USDT hit a four-week high of $8.90 late Tuesday as a result of this move, with prices peaking at $8.85 so far in today's session.
Looking at the chart, the move coincides with the crossing of the 9- and 21-day moving averages, which hasn't happened since March 20. Furthermore, the 14-day Relative Strength Index (RSI) is holding around 56.31, the highest level in over two months.
So far, LINK bulls have taken a breather after prior highs, perhaps because bears have re-entered at resistance. The question now is whether a breakout will occur this week.
While LINK has been rising for four days in a row, ADA has been climbing for the fifth day in a row, as prices broke through support on Wednesday.
The ADA/USDT pair reached an intraday high of $0.6557 earlier today, the highest level since May 31. As a result of today's increase, prices pushed through the $0.6460 limit, reaching a nine-day high.
While positive momentum is still intact in ADA, traders will most likely be trying to eclipsing the $0.6887 threshold to go from a one-week high to a one-month high. One barrier has already been broken, with the RSI breaking through its ceiling at 54.52 to reach a two-month high.
A push to $0.6895 might happen as soon as this week, and if it does, bears will be on the lookout to hold the resistance line.
