Cryptocurrency Market Update: Chainlink shoots into the sky Bitcoin, Ethereum and Ripple in slumber

Chainlink is the topic of discussion in the cryptocurrency universe on Monday. The altcoin has extended its bullish action last week with gains hitting a weekly high of $8.50. In addition, LINK has busted into the top ten following a surge in its market capitalization.

CoinMarketCap, shows Chainlink holding in the tenth position with a market cap of $2.7 billion and a 24-hour trading volume of $1.6 billion. If the surge continues LINK could easily displace both Binance Coin (BNB) and Litecoin (LTC), becoming the eighth largest cryptocurrency in the market.

For now, the crypto is trading at $7.85 after a minor retreat from the weekly high. A reversal is underway after finding support at $7.50. The bullish trend is cemented into position by the RSI’s position in the overbought. Besides, the 50 SMA is increasing the gap above the 100 SMA as a signal that buyers are in control. Support is needed above $8.00 for gains above $10.00 to come into the picture.

Chart of the day: LINK/USD hourly

Bitcoin price update

Bitcoin is making attempts to rise above the seller congestion towards $9,400. An intraday high has been traded at $9,323.53 while Bitcoin price has slipped back under $9,300. It is becoming increasingly hard to keep the price above $9,300. Instead, Bitcoin is trading at $9,281 although an intraday low of $9,242.97 has been recorded.

The support at $9,200 continues to give Bitcoin its buoyancy. For now, attention is channeled towards hitting highs above $9,400 which is likely to improve sentiments in the market.

Ethereum price update

Ethereum market is also in consolidation after hitting a wall at $245 last week. Support has been embraced at $240 with ETH/USD bouncing upwards to $244.55 (intraday high). The prevailing trend is bearish amid expanding volatility. This means that Ethereum could refresh the support at $240 from the current market value of $243 in the near term.

Ripple price update

Ripple is not performing differently from the two largest digital assets in spite of its impressive rally last week to levels above $0.21. For over two days now, XRP has been pivotal at $0.20. The trend is mainly in the hands of the bulls with XRP/USD likely to push above the short term hurdles at $0.2050 and $0.21 in the short term.