Monero (XMR) climbed for the third consecutive session on Thursday, moving closer to a six-week high. The token’s price surge came as it broke through a recent resistance level at $160. Bitcoin had consolidated and was trading just 0.50% higher as of writing. Meanwhile, Chainlink (LINK) was mainly lower as the token failed to move beyond a key price point of $7.55. Bulls were unable to secure a breakout and the token fell to a low of $7.25 in today’s session. The market remains bearish for LINK.
In the world of cryptocurrencies, there are always some coins that perform better than others. In this regard, Monero (XMR) has been one of the biggest movers of late, nearing a six-week high. On the other hand, Chainlink (LINK) fell near a resistance level.
Monero (XMR) has been on an upward trajectory of late, gaining nearly 20% in price over the past week. The privacy-focused cryptocurrency has been gaining attention from investors who are looking for a way to keep their transactions private. Monero’s technology makes it impossible to trace transactions, making it one of the most private coins in the market.
Chainlink (LINK), on the other hand, has come under pressure lately, falling near a resistance level. The decentralized oracle network has lost nearly 5% in price over the past week. LINK has been one of the most successful coins of the past year, gaining nearly 300% in price. However, it is now facing strong resistance at the $37 level.
In summary, Monero’s (XMR) strong performance can be attributed to the rising demand for privacy in the cryptocurrency world. On the other hand, Chainlink’s (LINK) recent decline could be due to profit-taking among investors after its previous strong gains. It remains to be seen whether LINK will be able to break through the resistance level and continue its upward trajectory or consolidate at lower levels.
Original Source: news.bitcoin.com