Chainlink [LINK] was top gainer yesterday in the crypto-markets as it tests All-Time Highs as resistance. The partnership of LINK with Ethereum Classic to provide oracle services on Ethereum Classic has fueled the rise. It has gained around 40% from $3.4 since the announcement on 27th February.
Link is one of the rare cryptocurrencies that provide service to other blockchain networks. It is a decentralized oracle network which provides a link between blockchain (smart contracts, DEFI etc.) and the outside world (off-chain data feeds, web APIs, and traditional bank payments).
The cryptocurrency has been in an uptrend since 2020. The year-to-date rise in link is around 186.2% from opening around $1.6. The price of LINK at 3: 30 hours UTC on 4th March 2020 is $4.772.
LINK is currently facing resistance from the ATH at $4.85 and Bollinger Band upper limit at $4.8.
Come on then Link Marines… pass me your scuba diving kit! BNB vs LINK
While a bearish reversal seems likely, a break above the ATH, could be a strong buying signal driving the price to new ATHs.
EThereum Classic [ETC] Chain Reaction
Furthermore, Ethereum Classic also gained 20% as traders take cue from LINK’s rise. Since the total market capitalization of ETC is less than $1 billion, the entire move is likely overstretched.
ETC is currently facing resistance from the 50-Day Exponential Moving Average at $8.9. Price fails to break above swing high around $10 and $13. Hence, a lower low formation seems quite probable at the moment. The volume of trading is also on the low.
Nevertheless, if 50 EMA resistance turns into support with a break above $9.8, we could see another uptrend in ETC.
Do you think the uptrend will continue or corrections are in order? Please share your analysis with us.