Price Analysis: Chainlink (LINK) And Tezos (XTZ) Boost Past Key Resistance Levels Despite Bitcoin’s Stagnation

By Lujan Odera
Published March 4, 2020 Updated March 4, 2020
Best Buy In

Exchanges

Sportsbook

Wallet

fx market cryptocurrency

Price Analysis: Chainlink (LINK) And Tezos (XTZ) Boost Past Key Resistance Levels Despite Bitcoin’s Stagnation

By Lujan Odera
Published March 4, 2020 Updated March 4, 2020

Tezos (XTZ) and Chainlink (LINK) remain unfazed over the past day even as Bitcoin (BTC) struggles to get past the elusive $9,000- dollar mark. The latter has gained impressively since Sunday, boosting past all-time highs on Binance to trade at $4.98 USD, in the early trading hours in the U.S session. XTZ has gained over 4% in the past 24 hours, to test the $3.00 USD resistance mark, as the RSI turned bullish giving a buy signal.

The two cryptocurrencies’ prices are uncorrelated with the rest of the market which currently holds a total of $250 billion dollars, as at time of writing.

Chainlink brazes past ATH, $5 USD on the horizon

In a month that has seen more cryptocurrency firms and exchanges focus on a more decentralized and trustless oracles following bZx exchange hack. Chainlink has been the obvious choice for most of the firms which in turn influenced the demand of LINK on the market. Chillz, a recent partner to world’s biggest football club, FC Barcelona, announced they will be integrating the decentralized oracle on their platform.

On news of Chilliz, the socio token, joining with Link, the price of LINK shot up shortly to $4.98 USD, an all-time high on Binance, leaving bulls with hope of breaching to new ATH through the month. The daily RSI crossed key resistance giving a buy signal.

Image: Tradingview

Furthermore, the moving averages (MA) are closing in on a golden cross, as the 50-day MA shows possibility of crossing above the 200-day MA, a very bullish signal. With the fundamentals looking positive, with yet another partnership announced with EY news desk and ConsenSys to build an oracle in their new “Baseline” platform.

Tezos (XTZ) breaches past $3.00 USD, as bulls reawaken

XTZ/USD is also on a relatively supreme hike, testing the $3.000 USD mark after bouncing off key support levels provided by the lower Bollinger Band (BB) at $2.64 USD. Near term resistance capped by the middle BB at $3.11 USD will be key to push the crypto past the $5.00 USD target, as staking thrives across the crypto industry.

Image: TradingView

Currently the price of XTZ stands at $2.88 USD, representing a sharp 5.46% increase from Tuesday’s closing. With the daily RSI oscillating in a bullish trajectory at 52, as at publishing time, and the price crossing above the EMA 26, bulls have a reason to be hopeful.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Lujan Odera
396 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Loading Next Story