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Biggest Movers: DOT, LINK Rise to Multi-Week Highs on Monday

Polkadot rose to a multi-week high to start the week, as price increased for a second straight day. The token briefly broke out of a key resistance point, during Monday’s surge. Chainlink also moved to its highest point in nearly two weeks, with the token now trading nearly 13% higher in the last seven days.

Polkadot (DOT)

Polkadot (DOT) was higher for a second successive session, as prices of the token neared a two-week high.

Following a low of $7.21 on Sunday, DOT/USD surged to an intraday high of $7.61 to start the week.

The move saw polkadot briefly break out of its long-term resistance level of $7.60, before swiftly retreating.

Biggest Movers: DOT, LINK Rise to Multi-Week Highs on Monday
DOT/USD – Daily Chart

As seen from the chart, this resistance point has historically been a point of uncertainty, with bears recently dominating sentiment around this area.

Since earlier highs, DOT is now trading at $7.52, as bulls opted to secure gains shortly after colliding with the aforementioned resistance.

Bulls will likely continue to target a breakout, with the higher ceiling of $8.10 a potential exit point.

Chainlink (LINK)

Chainlink (LINK) was also higher on Monday, as it too moved closer to its strongest level in the last two weeks.

LINK/USD surged to a high of $7.25 to start the week, which is the highest point it has hit since August 25.

As with polkadot, Monday’s move led to a breakout, with LINK surging past its ceiling of $7.20.

Biggest Movers: DOT, LINK Rise to Multi-Week Highs on Monday
LINK/USD – Daily Chart

The move came as another resistance level was broken, this being that of the 14-day relative strength index (RSI).

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

Should this trajectory continue, then we will likely 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.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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