As Bitcoin's (BTC) price continues to trade in a tightening range, the altcoin market has been pushing higher each week, and the most recent surge has come from Chainlink (LINK).
After breaking above the $5 level, LINK's price surged nearly 100% in a matter of days and ended by making a new all-time high at $8.40. Through this massive push, LINK surpassed EOSand Crypto.com (CRO) to claim a spot among the top ten cryptocurrencies listed on CoinMarketCap.
Investors are now curious to see if Tezos (XTZ) will continue to follow LINK, and there are expectations that other altcoins will also follow LINKs upward trajectory.
Crypto market daily performance. Source: Coin360
LINK has proven to be one of the strongest movers in the cryptocurrency markets of recent years. This was proved once again as the cryptocurrency broke above the previous all-time high of $5 and surged with 85% toward$8.50.
LINK/USDT one-day chart. Source: TradingView
In a previous article, a target of $7.00$7.25 was established using the Fibonacci extension tool. However, LINK overshot that target by a mile.
As the chart shows, the rally might be temporarily over, as sellers are stepping in, but this will only be confirmed if the daily candle closes as shown on the chart above. Currently, the candle shows a giant wick on the upside, indicating that theres more sell than buy pressure.
Aside from the candle, such a giant move is due for a corrective move, so it is good to review the levels to watch for potential support.
LINK/USDT one-day chart. Source: TradingView
The 1-day chart is showing clear support levels. One of them is found between $6 and $6.50. The previous resistance at $6.57 can be confirmed as support, which would suit a renewed test of the $8.50 resistance level.
However, a clearer signal would be a corrective move towardthe $5 level, as that used to be a significant resistance zone before the massive breakout occurred.
LINK/USDT four-hour chart. Source: TradingView
The four-hour chart shows a bright support/resistance flip of the $5.70 level, which caused continuation and the price to accelerate toward$8.50.
The most likely scenario is a test of the previous high for support;in this case, the $6.50$6.60 level. A potential wick towardthe $6.20 level is an area to watch for.
If this zone holds, a renewed test of the highs at $8.50 is likely to occur. If the $6.50 level is lost, further downward pressure is likely to occur on the markets with a potential retest of the $5 level.
LINK/BTC one-day chart. Source: TradingView
The LINK/BTC pair shows a massive breakout as well. The resistance zone at 0.00055000 sats was tested several times before the breakout occurred.
This price action is actually quite similar to the resistance zone of Bitcoin that is encountering at $10,000 to $10,500. As the saying goes, the more often a resistance gets tested, the weaker it becomes.
In the case of Bitcoin, the resistance zone at $10,000 to $10,500 has been a tough area to surmount for a year already, and for LINK, the 0.00055000 sats barrier has been a resistance zone for seven months.
As the breakthrough of the resistance zone occurred, massive acceleration took place, but the chart is showing signs of overextension on the upside. For this reason, a corrective motion is likely to occur.
In that case, the potential levels of interest should be the previous resistance at 0.00055000 sats and the area between 0.000650000.00066500 sats.
XTZ/USDT one-day chart. Source: TradingView
Once Chainlink moves, Tezos tends to follow. However, in the previous months, Tezos has been lagging heavily, but the price finally made a strong move over the weekend.
XTZ/USDT has been showing strength in the previous days and currently faces the final hurdle before a new all-time high.
The pair secured support at the $2.40 level before continuation and acceleration toward$3 occurred. The next step to watch for is a test of the $2.70$2.77 level for support.
If that level sustains support, its likely that XTZ/USDT will break through the $3 barrier and test the all-time high.
The $3 resistance area has been tested three times now, and its possible that another test of the resistance zone will see the price finally push through it.
If XTZ/USDT breaks above $3, its assumed well start accelerating and get a similar move to Chainlink. And that similar move means a new all-time high.
XTZ/BTC one-day chart. Source: TradingView
The XTZ/BTC pair is also showing strength, as it recently broke above the 100-day MA. This is also the case with the XTZ/USDT pair. If the previous resistance area at 0.000029000.00002950 sats continues to hold for support, a support/resistance flip will be achieved.
Once this support/resistance flip is confirmed, continuation to the upside is likely to occur, and traders will set their targets around the all-time high zone around 0.000037000.00003800 sats.
If Tezos manages to break through the all-time high levels, the sky's the limit and savvy traders can look to the Fibonacci extensions in order to determine new targets.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
See the original post here:
Chainlink (LINK) Becomes the Tesla of Cryptocurrency Whats Next? - Cointelegraph
- Extrapolating The Future of Cryptocurrency - hackernoon.com - September 19th, 2020
- Ditching Dinars: Will the Balkans Take to Cryptocurrency? - Balkan Insight - September 19th, 2020
- The risks of investing in cryptocurrency and how to overcome them - Telemedia Online - September 19th, 2020
- How is cryptocurrency going to be regulated in the EU? - Kalkine Media - September 19th, 2020
- Russia and Ukraine have Disproportionately High Cryptocurrency Usage with Many Locals Shifting Financial Activity to Digital Assets: Report -... - September 19th, 2020
- Will crypto trading get as regulated as the stocks or FX trading? - Crypto News Flash - September 19th, 2020
- Opinion: Can Uniswaps UNI Break Into the Top 10 Cryptocurrency Token Rankings? - CryptoPotato - September 19th, 2020
- Ditching Dinars: Will The Balkans Take To Cryptocurrency? - Analysis - Eurasia Review - September 19th, 2020
- The Rise and Fall of a Tribal Cryptocurrency - hackernoon.com - September 6th, 2020
- How Will Greece Be Impacted By Cryptocurrency? - GreekCityTimes.com - September 6th, 2020
- Justice Department Seeks To Recover Hacked Cryptocurrency Funds Tied To North Korea - Forbes - September 6th, 2020
- Cryptocurrency Prodigy, Joseph PlugWalkJoe O'Connor, Is Helping People Everywhere Master Crypto - AiThority - September 6th, 2020
- Kazakhstan in talks on $700m in cryptocurrency mining projects - Cyprus Mail - September 6th, 2020
- Akon Unveils Major Details of $6 Billion Cryptocurrency City: Real-Life Wakanda - Bitcoin News - September 6th, 2020
- Cryptocurrency Market News: Bitcoin drops to $10,460 after a significant rejection and overall weakness - FXStreet - September 6th, 2020
- Brexit in the US: Californian exit plan will use cryptocurrency to give everyone an income - Daily Express - September 6th, 2020
- YFI: Yearn Finance becomes the most expensive cryptocurrency, surges past $27000 - Nairametrics - September 6th, 2020
- Facebook and Twitter need to do more to prevent cryptocurrency scams, says CoinCorner CEO - ResponseSource - September 6th, 2020
- PM Modis Websites Twitter Account Briefly Hacked to Ask for Cryptocurrency - NDTV - September 6th, 2020
- The Cryptocurrency XRP Is Having A Good 6 Weeks - Forbes - August 24th, 2020
- IMF Publishes Cryptocurrency Explainer, Saying It 'Could Be the Next Step in the Evolution of Money' | News - Bitcoin News - August 24th, 2020
- Report finds $50 billion of cryptocurrency moved out of China hinting at capital flight against Beijing rules - CNBC - August 24th, 2020
- Leading Cryptocurrency Exchange PayBito to Add More Altcoins to the Platform - AiThority - August 24th, 2020
- Crypto: Why investors are rushing to DeFi assets - Nairametrics - August 24th, 2020
- Hackers Intercept Cryptocurrency Payments on the Tor Network Through SSL Stripping - CPO Magazine - August 24th, 2020
- Bitcoin price is surging as investors turn back to cryptocurrency - Metro.co.uk - August 20th, 2020
- Cryptocurrency from Coincheck cyberattack to be confiscated - The Japan Times - August 20th, 2020
- Tether retakes top 3 cryptocurrency spot over XRP - Decrypt - August 20th, 2020
- Bitcoin price hits 2020 record as investors turn to cryptocurrency during pandemic - The Independent - August 20th, 2020
- Buy Bitcoin or Gold? Novogratz and Portnoy Prefer the Cryptocurrency - Bloomberg - August 20th, 2020
- Boston Fed Bank explores cryptocurrency with MIT - Boston Herald - August 20th, 2020
- Cryptocurrency And Wills - Today's Wills & Probate - August 20th, 2020
- Cryptocurrency gaining traction in mainstream - Jim Duffy comment - The Scotsman - August 20th, 2020
- Cryptocurrency Mining Profitability in 2020: Is It Possible? - Cointelegraph - August 10th, 2020
- Flaws Could Have Exposed Cryptocurrency Exchanges to Hackers - WIRED - August 10th, 2020
- Cryptocurrency Cards: An Unnecessary Solution That Should Be Stopped - Cointelegraph - August 10th, 2020
- Wall Street Revealed To Be Edging Out Bitcoin Traders With $1 Million+ Transactions - Forbes - August 10th, 2020
- Cryptocurrency This Week: India Could Ban Virtual Currencies & More - Inc42 Media - August 10th, 2020
- US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space | Taxes - Bitcoin News - August 10th, 2020
- Will This Quantum Computing Breakthrough Save Bitcoin and Cryptocurrency? - The Daily Hodl - August 10th, 2020
- Cryptocurrency Market Update: Bitcoin, Ripple and Ethereum begin consolidating - FXStreet - August 10th, 2020
- Cryptocurrency: The Currency of the Future - Techtree.com - August 10th, 2020
- Weiss Ratings Places Ethereum Ahead of Bitcoin As Top Cryptocurrency, Says Cardano Has the Best Technology - The Daily Hodl - August 10th, 2020
- Bitcoin surges past 8,400 as investors look for 'safe haven' - The Telegraph - July 29th, 2020
- Blockchain and how it can change construction - Geospatial World - July 29th, 2020
- CEO of Toronto-based cryptocurrency exchange Coinsquare resigns after regulatory probe - CBC.ca - July 29th, 2020
- 2020 will have publicly-traded cryptocurrency firms Barry Silbert - FXStreet - July 29th, 2020
- Chainalysis Introduces New Website, Market Intel, which gives Digital Asset Managers and Regulators Access to Meaningful Insight about Crypto Activity... - July 29th, 2020
- Why it is time to invest in Ethereum - Nairametrics - July 29th, 2020
- Cryptocurrency firm KuCoin 'shocked' by Twitter hacking - The National - July 19th, 2020
- Samsung Added Support for Stellar (XLM) Cryptocurrency to its Blockchain Keystore, Allows Millions of Users to Access the Digital Asset - Crowdfund... - July 19th, 2020
- $30 billion worth of BTCs disappears forever - Nairametrics - July 19th, 2020
- Popular singer, Akon and other leading experts speak on Africa's Crypto - Nairametrics - July 19th, 2020
- Revolut partners with Paxos to bring cryptocurrency trading to the US - TechCrunch - July 17th, 2020
- Paypal Developing Cryptocurrency Capabilities, Letter to European Commission Confirms | News - Bitcoin News - July 17th, 2020
- Apple, Biden, Musk and other high-profile Twitter accounts hacked in crypto scam - TechCrunch - July 17th, 2020
- TCS is ready to mine the new crypto economy, snatches early-mover advantage with Quartz - Economic Times - July 17th, 2020
- These Two Cryptocurrency Marks For In Which Way The Bitcoin Is Headed - Inventiva - July 17th, 2020
- US Embassy in BD launches webinar series on dark web and cryptocurrency - The Financial Express - July 17th, 2020
- Impact of Covid-19 on Cryptocurrency 2020-2027 with Focusing Key players like Nvidia, Xilinx, Intel, Advanced Micro Devices, Bitfury Group, etc - Cole... - July 17th, 2020
- Revolut launches cryptocurrency trading in US - ThePaypers - The Paypers - July 17th, 2020
- Brave New Coin to Develop Cryptocurrency Indices that Toronto Futures Options Swaps Exchange will Use for Cash-Settled Options Trading - Crowdfund... - July 17th, 2020
- Binance Pool Partners with BitRiver - Finance Magnates - July 17th, 2020
- ESET Discovers Trojanized Mac Cryptocurrency App Collecting Wallets and Screenshots - IT News Online - July 17th, 2020
- Cryptocurrency Mining Hardware Market (COVID 19 Updated) Climbs on Positive Outlook of Excellent Growth by 2027- Advanced Micro Devices, Baikal... - July 17th, 2020
- New York Appellate Court Confirms Attorney Generals Broad Investigative Powers into the Cryptocurrency Industry - JD Supra - July 17th, 2020
- Cryptocurrency Market with COVID 19 Impact-Global Industry Report, Size, Demand, Revenue, Top Manufacturers, and Forecast to 2026 - Cole of Duty - July 17th, 2020
- Global Cryptocurrency Mining Software Market Projected to Reach USD XX.XX billion by 2024 : Genesis Mining, NiceHash, Awesome Miner, MinerGate,... - July 17th, 2020
- As Bitcoin Struggles, This Minor Cryptocurrency Has Soared 1,000% In Just Over 12 Months - Forbes - July 14th, 2020
- Brave New Coin Signs Multi-Year Deal To Power Cryptocurrency Options Trading On Toronto Futures - Scoop.co.nz - July 14th, 2020
- Latest News On The Cryptocurrency Market | Intel, CoinBase, BitGo, and Binance - Jewish Life News - July 14th, 2020
- Akon sets out vision for his cryptocurrency and Akon City - Decrypt - July 14th, 2020
- Bank of England eyes groundbreaking new currency as key part of Britains future - Express - July 14th, 2020
- Bitcoin Exchanges And The Cryptocurrency World Was Just Rocked - JD Supra - July 11th, 2020
- New York Court Approves Investigation Into $10 Billion Cryptocurrency Created By A Presidential Candidate - Forbes - July 11th, 2020
- Huobi Global Provides Insight on What Is Driving the Institutional Interest in Cryptocurrency Investment - PRNewswire - July 11th, 2020
- What Challenges Affect the Cost of Running a Cryptocurrency Exchange - Cointelegraph - July 11th, 2020
- Cryptocurrency And Blockchain Technology Market size Reap Excessive Revenues size COVID-19 2022 - Kentucky Journal 24 - July 11th, 2020
- Fast Pace of Cryptocurrency Adoption in Latin America May be due to Dramatic Rise in Smartphone Users, Bitso Executive Reveals - Crowdfund Insider - July 11th, 2020
- NetCents teams up with crypto fintech company to utilize US$1.4 billion credit facility - Proactive Investors USA & Canada - July 11th, 2020