Cryptocurrency Prices Today: Bitcoin Rallies above $27000, LINK and XRP Records Strong Gains

While the leading cryptocurrency Bitcoin continues to gain bullish momentum, the altcoins are riding the same wave of recovery. As a result, a majority of crypto coins set a fresh recovery rally offering traders an opportunity to enter new long positions

At 8:15  a.m. on Monday, the global crypto market cap stands at $1.08T, reflecting a 1.75% gain. Meanwhile, the 24-hour crypto market volume has seen a notable rise of 37% touching $23.5B.

Also read: Bitcoin Price Prediction: Glassnode Data Shows Strength From Key Events

BTC Price Analysis: Rising Bullish Momentum Sets Next Target to $28000

Source- Tradingview

Amidst its ongoing correction phase, the Bitcoin price witnessed a significant turnaround from the $25,000 psychological barrier on September 12th. Over the subsequent week, this surge tallied an 8.7% gain, elevating the coin to its present value of $27,144. During this ascent, the BTC price successfully surpassed a declining resistance trendline that had dictated its correction since early August. 

This breach has provided buyers with a stronger foundation to ascend in the charts. Should buyers maintain their position above this recently conquered trendline in the days ahead, the ongoing recovery could propel the coin price an additional 4%, targeting the $28,168 mark.

LINK Price Analysis: Trendline Breakout Sets Bullish Rally above $8

Source- Tradingview

In the wake of the recent crypto market rally, the Chainlink price rebounded from its monthly support at $5.7 on September 12th. This support level has witnessed the coin price bouncing back three times over the past month, highlighting the persistent buying pressure at this threshold. Consequently, the LINK price has experienced an 18.8% surge in the past week, with its price now sitting at $6.8. 

If this buying momentum persists, buyers are poised to challenge the downward trending resistance line. A successful breakthrough of this obstacle would bolster the coin’s prospects for a sustained recovery, potentially reaching targets of $7.9 $, followed by $8.48.

XRP Price Analysis: Triangle Setup Hints 8% Jump ahead

Source- Tradingview

Since mid-August, the XRP price has predominantly oscillated within two converging trendlines, signaling the formation of a bearish pennant pattern on the daily chart. However, buoyed by the recent crypto market resurgence, XRP rebounded from a dual support of $0.46 and the support trendline on September 11th. 

This bounce has propelled the coin’s price by 9.3% over the past week. If this buying momentum holds, the coin could experience a further 8% ascent this week, taking aim at the upper trendline. However, buyers will need to surpass this overhead trendline for a more solid confirmation of recovery.