Biggest Movers: BCH, LINK Move to 6-Week Highs on Wednesday

Bitcoin cash was once again a big mover, as the cryptocurrency rose by nearly 10% during today’s session. The move saw price climb to its highest level since mid-August, and came as U.S. dollar strength pushed the S&P 500 to a three-month low. Chainlink also rallied strongly on Wednesday.

Bitcoin Cash (BCH)

Bitcoin cash (BCH) continued to climb higher for a third straight session on Wednesday, as prices surged by nearly 10% in today’s session.

BCH/USD peaked at $234.94 earlier in the day, which comes a day after falling to a low of $211.95.

This is the strongest point that the token has hit since August 10, when price was trading above $240.00.

Looking at the chart, the move came following a breakout of a point of resistance at the $225.00 level.

Additionally, the relative strength index (RSI) also broke out of a ceiling at 60.00, and is now tracking at 65.52.

The next target now seems to be at the $250.00 mark, which could be hit if current momentum extends for the remainder of the week.

Chainlink (LINK)

In addition to BCH, chainlink (LINK) was also in the green on Wednesday, rising to a multi-week high of its own.

After falling to a low of $7.26 on Tuesday, LINK/USD surged to an intraday high of $7.82 during today’s session.

Like with bitcoin cash above, today’s peak pushed the cryptocurrency to its highest level since August 9.

Overall, the rise occurred as price strength moved past a resistance level of 67.00, with a current reading of 67.22.

LINK bulls are now likely looking to hit a ceiling of $8.00, as the 10-day (red) moving average maintains a recent uptrend.

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Could LINK reach $8.00 this week? Let us know your thoughts in the comments.

from Bitcoin News https://ift.tt/ZlKcbuy

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