Coin cryptocurrency Cardano on the background of a stack of coins. ADA
Chainlink and Cardano price continued to rise during the weekend, paring-back some of last week’s losses. Cardano price soared to an all-time high of $0.39 while the Chainlink price rose to $25.60.
What happened: Last week, Bitcoin and altcoin prices dropped sharply as many investors started rushing for the exit. The losses accelerated after Janet Yellen pressed Congress to act to to prevent their use in crime. The statement came a week after Christine Lagarde warned of the same. Also, another report linked the Bitcoin price rally to manipulation by Tether holders. Yellen said:
“Cryptocurrencies are a particular concern. I think many are used—at least in a transactions sense—mainly for illicit financing. We should examine ways in which we can curtail their use and make sure that doesn’t occur through those channels.”
Therefore, Chainlink and Cardano price dropped in part due to the overall sell-0ff in cryptocurrencies. However, this reversed during the weekend when the two currencies continued soaring. Today, they are trading at $4.75 and $0.35, respectively. Their market cap is at $10.5 billion and $11.1 billion.
The daily chart shows that the Chainlink price has been in a strong uptrend. Notably, the price soared above the important resistance of $19.96 on January 15. It found some resistance but it managed to retest and move above it during the weekend. This is a sign that bulls have prevailed.
It is also slightly above the 25-day and 50-day moving average while the RSI has continued to rise. Therefore, there is a likelihood that the Chainlink price will continue rising as bulls start focusing on $30.
On the four-hour chart, we see that the Cardano (ADA) price has been moving sideways recently. The price is along the short and longer-term moving averages. At the same time, the price has started to have a bearish divergence as evidenced by the Relative Strength Index (RSI). Therefore, there is a possibility that the ADA price will pare back some of the gains recently.
