Chainlink [LINK] and Ethereum Classic [ETC] Price Hysteria Reach Critical Resistance Levels


Crypto Market
Crypto Market

Chainlink [LINK] and Ethereum Classic [ETC] Price Hysteria Reach Critical Resistance Levels

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).

Ethereum Classic Labs is now collaborating with @chainlink to bring decentralized oracles to #EthereumClassic.

Price Analysis

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.

link price analysis
LINK/USD 1-Day Chart on Kraken (TradingView)

Prominent derivatives and crypto trader, TraderXO drew analogy/fractal with the early 2019 rise in Binance (BNB) coin. He tweeted,

Come on then Link Marines… pass me your scuba diving kit! BNB vs LINK

chainlink
BNB Price Fractals Mapped on Chainlink

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.

ethereum classic
ETC/USD 1-Day Chart on Kraken (TradingView)

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.

Author: Nivesh Rustgi
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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Nivesh Rustgi 1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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