On Monday, August 2nd, the cryptocurrency market experienced a red wave, with most cryptocurrencies seeing a drop in their values. However, two cryptocurrencies, Litecoin (LTC) and Chainlink (LINK), stood out as they rebounded despite the market trend. LTC and LINK rose by approximately 10% and 12%, respectively, during trading hours.
LTC was trading at $143 during Monday’s trading hours, up from its previous day’s closing price of $129. Similarly, LINK was trading at $23.7, up from its previous day’s closing price of $21.2. Litecoin and Chainlink’s rebound was welcome news to their investors after seeing their values decline over the past few weeks.
The rebound came as a surprise to many crypto analysts as the overall market trend suggested that cryptocurrencies were heading for a further dip. Bitcoin, the world’s most popular cryptocurrency, saw its value drop below $38,000 on Monday. Furthermore, other popular cryptocurrencies like Ethereum, Binance Coin, and Dogecoin experienced a dip in their values.
However, despite the market trend, LTC and LINK’s sudden rise showed that some cryptocurrencies still have the potential to bounce back. But what could have caused these cryptocurrencies to rebound on Monday amid the red wave?
One of the main reasons why LTC and LINK rebounded on Monday could be related to factors specific to each cryptocurrency. For instance, Litecoin recently announced that it had partnered with Walmart to allow customers to make payments using Litecoin. The announcement generated significant media attention, which could have contributed to the rise in LTC’s value.
Moreover, Chainlink’s rise could be attributed to the growing demand for decentralized finance (DeFi) projects. Chainlink’s technology is crucial in enabling decentralized finance projects to operate seamlessly, making it an integral part of the DeFi ecosystem. Hence, the growing demand for DeFi projects could have contributed to LINK’s rise on Monday.
Another reason why LTC and LINK rebounded on Monday could be attributed to their strong fundamentals. Litecoin and Chainlink are arguably two of the most stable cryptocurrencies in the market. They have been around for several years, and their underlying technology has been thoroughly tested and proven to work. As a result, investors may have seen the dip in their values as an opportunity to buy into stable and promising cryptocurrencies.
Furthermore, LTC and LINK’s rebound could be attributed to favorable market conditions. Despite the red wave, the cryptocurrency market has been relatively stable in recent months, with many analysts predicting a bullish trend heading into the end of the year. Therefore, some investors may have seen LTC and LINK’s dip in values as a short-term trend and decided to buy and hold on the hope of future gains.
In conclusion, LTC and LINK’s rebound on Monday, despite the red wave, shows that some cryptocurrencies still have the potential to rise despite unfavorable market conditions. The rebound could be attributed to factors specific to each cryptocurrency, strong fundamentals, and favorable market conditions. However, investors should still exercise caution when investing in cryptocurrencies and do their due diligence before investing.
Litecoin rose slightly higher at the start of the week despite cryptocurrency markets trading mostly lower on Monday. As of writing, the global crypto market cap is down by 0.15%, indicating high volatility. Meanwhile, Chainlink also recorded gains in today’s session.
Litecoin (LTC) bounced back from a crucial point of support at the beginning of the week, rallying despite Monday’s bearish trend. After reaching a low of $84.92 on Sunday, LTC/USD spiked to an intraday high of $88.89 earlier today. As a result, the token moved further away from its price floor of $86.00 and traded at its highest level since last Friday.
Despite this move, the 14-day Relative Strength Index (RSI) has now reached a resistance point at 45.00, causing LTC to lose its earlier gains. The RSI is currently tracking at 44.33, while LTC is trading at $88.11. If the token manages to move beyond 45.00, it may return to $90.00.
Chainlink (LINK) also saw gains during today’s session, increasing by 2%. LINK/USD rose to a high of $7.25, starting the week from a low of $6.92 on Sunday. LINK’s rebound came after it hit a three-and-a-half-week low over the weekend.
Looking at the chart, this also coincides with the RSI bouncing from its own floor at the 44.00 mark. The price strength currently tracks at 45.09, with a resistance point at 47.00, which may be the potential target for bulls.
Today’s bearish market sentiment may be attributed to several factors. It is worth noting that this article is for informational purposes only and not investment advice. Investing in cryptocurrencies can be volatile and carries a significant risk of loss.
In conclusion, Litecoin and Chainlink showed gains at the start of the week despite the crypto market moving mostly lower on Monday. Although uncertainties remain in the market, investors remain keen on cryptocurrencies, and it’s critical to maintain a long-term investment mindset amidst short-term volatility.
