The focus of the altcoin news today is put on Chainlink and Tezos, both of which are performing amazingly well today and are apparently continuing their bullish run with increase in their prices. Speaking of, the price action from large-cap cryptocurrencies other than Bitcoin (BTC) winded down this period but LINK and XTZ are resuming their rally.
For those of you who don’t know, Chainlink is up by 165% since the start of 2020, while Tezos made upwards moves by surging more than 180%. The movements by Chainlink and Tezos warrant an analysis of their charts which follows in the part below.
If we start from the Tezos news, we will see that the XTZ/BTC 3-day chart shows a breakout of the resistance and a level which sustained for a long time as the Tezos price failed to break through this level four times in the past 18 months. The fifth attempt was the one which made a breakthrough.
The big and obvious difference between the previous attempts and the one now is the sudden increase of volume. Over the past few months, both the Chainlink and Tezos price increased significantly which led to the breakout of this vital resistance level. Today, Tezos (XTZ) is at $3.80 with a 12% surge on the day.
The Chainlink (LINK) price action shows a 7% surge to a level of $4.80 which ranks LINK at the 11th position, right below XTZ. Despite the fact that Chainlink and Tezos are ranked one after another, they differ in terms of their market cap by less than $1 billion.
The latter altcoin in the news, Chainlink (LINK), shows a clear upward trend with great support and resistance flips. Ever since its $2.30 test in January, the levels have been retested for support and LINK has been growing and showing strength throughout the entire crypto bear market. From a price which traded in the $2 region, LINK is now close to $5 for the first time in more than a year.
All of this shows that Chainlink and Tezos are not only in a bullish momentum now – they are also among the best performing altcoins for 2020. Many traders are turning to them and figuring out that their surges may continue, guaranteeing profits for the next couple of months.
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