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

Although the leading cryptocurrency Bitcoin continues to gain bullish momentum, altcoins are following the same wave of recovery. As a result, most cryptocurrencies established a new recovery rally that offers traders the opportunity to enter new long positions.

As of 8:15 am on Monday, the global crypto market capitalization stands at $1.08 trillion, reflecting a gain of 1.75%. Meanwhile, the 24-hour crypto market volume has seen a notable increase of 37%, reaching $23.5 billion.

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

BTC Price Analysis: Growing Bullish Momentum Sets Next Target at $28000

Source- Tradingview

In the midst of its ongoing correction phase, the bitcoin price It witnessed a significant turnaround from the psychological barrier of $25,000 on September 12. Over the following week, this surge saw a gain of 8.7%, lifting the coin to its current value of $27,144. During this rally, BTC price successfully surpassed a declining resistance trend line that had dictated its correction since early August.

This gap has provided buyers with a stronger foundation to move up the charts. If buyers maintain their position above this newly conquered trend line in the coming days, the ongoing rally could boost the coin's price by an additional 4%, targeting the $28,168 mark.

LINK Price Analysis: Trend Line Break Sets Bullish Rally Above $8

Source- Tradingview

In the wake of the recent rally in the cryptocurrency market, the chain link price it rebounded from its monthly support of $5.7 on September 12. This support level has seen the coin's price rally three times over the past month, highlighting the persistent buying pressure at this threshold. Consequently, LINK price saw an increase of 18.8% last week, and its price now stands at $6.8.

If this buying momentum persists, buyers are prepared to challenge the downtrend resistance line. A successful clearing of this hurdle would bolster the coin's prospects for a sustained recovery, potentially hitting targets of $7.9, followed by $8.48.

XRP Price Analysis: Triangle Setup Suggests 8% Advance

Source- Tradingview

Since mid-August, the XRP price has predominantly oscillated within two converging trend lines, indicating the formation of a bearish pennant pattern on the daily chart. However, driven by the recent resurgence of the crypto market, XRP recovered from a dual support of $0.46 and the support trend line on September 11.

This bounce has boosted the coin's price by 9.3% over the past week. If this buying momentum holds, the coin could see a further 8% rise this week, targeting the upper trend line. However, buyers will need to break above this overall trend line for stronger confirmation of the recovery.