ChainLink [LINK] and Tezos [XTZ] Lead Crypto with 25% Rise – Is a Pullback Near?


Crypto Market
Crypto Market

ChainLink [LINK] and Tezos [XTZ] Lead Crypto with 25% Rise – Is a Pullback Near?

Chainlink [LINK] and Tezos [XTZ] has increased by 25% in the last two days as price logs multiple consecutive green candles.

After 11 consecutive bullish candles on the 4-hour, LINK price topped at $2.9. The 200-EMA (Exponential Moving Average) flipped from resistance to support on the 4-hour at $2.6.  The price of Chainlink [LINK] at 4: 00 hours UTC on 8th April is $2.84.

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LINK/USD 4-Hour chart on Kraken (TradingView)

The rise on LINK has been 18% w.r.t. BTC. TraderXO, an FX trader suggests that the range high mught turn into resistance, he tweeted,

$LINK Impressive for sure but into htf (Higher-Time Frame) resistance – personally waiting to buy this much lower

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LINK/BTC 2-Day Price Analysis (Source: Twitter)

Nevertheless, if Bitcoin [BTC] continues its’ uptrend towards $8000, the altcoins are expected to benefit from the sentiments as well. Derivatives and crypto trader, Josh Rager tweeted,

Price has hit $2.80 and tapped below the weekly resistance at $2.91 with ease

Expecting LINK to hit at least $3.15+ as Bitcoin moves up to high $7ks

Fundamentally, the increasing awareness towards interoperability in the crypto markets seems to be favouring the uptrend as well. Chainlink [LINK] offers decentralized oracles for a connection between smart contracts (eg. on Ethereum and Tezos) and real-world data, web API’s, and payment networks.

Tezos [XTZ] Pulls up Strong

One other cryptocurrency with a similar uptrend has been Tezos [XTZ]. It gained 25% from $1.6 to top at $2.09, the rise w.r.t. BTC is 16%.

The price of XTZ at 5:00 hours UTC on 8th April 2020 is $2.04. It has broken above the 50 and 200-period EMA (Exponential Moving Average) on the daily and 4-hour chart w.r.t. Bitcoin [BTC] with a bullish market structure.

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XTZ/BTC 4-Hour Chart on Bitfinex (TradingView)

Rager also notes that the positive action is bullish for these altcoins. Moreover, he also adds that there is sufficient liquidity and volume on these altcoins. The price action in Bitcoin [BTC]. however, will be critical in determining the trend for these altcoins.

How do you think the crypto markets will pan out in the next few days? Please share your views 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 1180 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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