Chainlink and Tezos rebound together in prices as their partnership intensifies providing more opportunities for the traders as we are reading in the latest Tezos news.
Chainlink and Tezos rebound thanks to their partnership that aims to provide the XTZ developers with access to the real-time data feed. The altcoins increased in price at the same time as the rest of the market remained down. A further increase in the buying pressure behind XTZ and LINK could see them increasing even more with a stronger resistance ahead. Both assets seem highly correlated after the recent partnership as their prices strengthen together.
Chainlink and Tezos are two of the best-performing assets on the market and they are up more than 100% since the start of the year despite the COVID-19 pandemic that caused havoc in the broader financial market. The gains seem to come from the recent partnership as well as the hard work of the developers in both of the communities.
Tezos recently teamed up with Chainlink to provide access to real-time data feeds and this move will allow the smart contract developers on Tezos to connect with the off-chain resources with the help of the Chainlink decentralized oracle network. Vishakh the co-founder of Cryptonomic commented:
“Providing Tezos developers with the most secure and reliable oracle solution is essential to advancing the Tezos ecosystem… Chainlink’s secure decentralized oracle network makes possible a plethora of new use cases across DeFi, Equities, Insurance, and much more.’’
The integration will make it easier for the developers to build on top of Tezos but will also broaden the Chainlink utility. The crypto projects see results of their partnership but they will see more in the long-run. In the meantime, it seems that the partnership sparked interest among other market participants. Following the local top at the end of April, Chainlink and Tezos showed high signs of correlation since XTZ dropped 15% while LINK dropped by 12%, as per the latest Chainlink news.
The crypto market stands on ice right now but it seems there’s no stopping between these cryptocurrencies from reaching their upside potential. The Fibonacci retracement levels reach 61% and they will set up support for another move upswing. The spike in demand for both assets will boost them into higher highs. A key resistance level to watch out for is the XTZ recent high of more than $3 and LINK over $4.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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