Claim BonusThis Cryptocurrency Price Surge Mimics the Rise in Tesla – What’s Next?
LINK token records an ATH high today as the price surges to $8.5. Coincidently, the rise is identical to Tesla Inc. since the COVID-19 crash. While the rise in Tesla Inc. is 250% since March, the rise in LINK is 205%. The similarity in the rise since the beginning of July has been particularly striking.
TSLA: "Just follow me"
LINK: "OK"
The End! pic.twitter.com/wmsH5OUeoo
— TraderXO (@TraderX0X0) July 12, 2020
While Tesla Inc. has is backed by tech bulls, the bullish momentum in the altcoin seems to have been brought about by ‘price discovery phase’ and surging volume. It’s price broke above the resistance below $5 entering the FOMO phase according to an analyst for Zerohedge. The bullish flag past $6 realized into massive gains of 20% in the following day.
Nevertheless, while numerous forged partnerships are acting as bullish catalysts, leading analyst like Ryan Selkis are still apprehensive of the fundamentals behind LINK’s rise. He tweeted,
ChainLink is proof that no one knows what they’re talking about and crypto “fundamentals” is basically macro sentiment, alchemy, and animal spirits.
Chainlink formed valuable partnerships this year beginning with its price oracle integration on Coinbase and decentralized exchanges. It also integrated with China’s national blockchain network, BSN, and crypto exchange, Huobi. Crypto trader and analyst, Josh Rager, who is still bullish tweeted,
Oh, so you like the $TSLA pump
Just wait until you see $LINK and $XTZ over the next 6 months
Why Must Tezos Follow?
The crypto markets represent a tendency of money inflow in altcoins, often with a definitive close trend.
Social media sentiments and price action of Tezos [XTZ] and Chainlink [LINK] strongly highlight this trend. The correlation coefficient of the Tezos with LINK is currently at 0.9 (high), while with Bitcoin [BTC] it is 0.69.
Which asset would you trust more for gains: crypto or equities? Please share your views with us.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Harvard Management Co (HMC) Cuts BlackRock Bitcoin ETF Exposure by 21%, Rotates to Ethereum
- Morgan Stanley, Other TradFi Load Up SOL as Solana RWA Tokenized Value Hits $1.66B ATH
- Trump’s WLFI Slides 8% as Senators Tell Bessent To Review World Liberty’s UAE Stake
- XRP Price Slides Under $1.5 Amid $50M Market Dump on Upbit
- Is Bitcoin Bottom Still Far Away as Matrixport Says More Bear Market Signals Are Emerging?
- XRP Price Prediction Ahead of Supreme Court Trump Tariff Ruling
- Crypto Price Prediction For This Week: Dogecoin, Solana and Cardano
- Bitcoin Price Prediction: How Could Brazil’s Strategic Bitcoin Reserve Proposal Impact BTC?
- 3 Top Reasons Pi Network Price Surging Today (14 Feb)
- XRP Price Prediction Ahead of Potential U.S. Government Shutdown Today
- Bitcoin Price Outlook As Gold And Silver Lose $3.6 Trillion in Market Value
