Tezos and Chainlink are the usual two cryptocurrencies which make similar surges and rise in almost the same momentum whenever bullish action on the market comes. In the latest cryptocurrencies news, we can see how Tezos and Chainlink surge by more than 18% in the past 24 hours – and these gains could easily extend today. Both Tezos’ XTZ and Chainlink’s LINK token are in the green now and are testing key resistance levels which could be the catalyst for a further advance.
After peaking at a high of $4 in mid-February, Tezos experienced its major sell-off which pushed its price all the way down to $1. When we see the technical vie of the coin, we can notice that the bearish impulse appears to have been triggered by a rejection off the upper boundaries of a parallel challenge.
Since then, every time the Tezos news showed XTZ rising on top of the channel, there has been a visit to the bottom and a bounce back again. So, now that Tezos took a 70% nosedive to the lower boundaries of its channel, it appears that the support near the token was able to hold. Breaking the resistance trendline that sits around $1.8 could trigger a new break out of the pattern and ignite a spike for XTZ.
Chainlink’s LINK token, on the other hand, is also ambitious. It has been one of the top performers in the run-up seen throughout the entire cryptocurrency industry in the start of the year. LINK was also the cryptocurrency that skyrocketed over 200% in the peak of the markets – but the price cooled down afterwards.
Now, the Chainlink news show that the coin is testing the resistance presented by the 78.6% Fibonacci retracement level. The resistance levels for LINK sit at $2.9 and $3.3, respectively. Nonetheless, an increase in the Tezos and Chainlink prices could trigger a new run on the upside – something that many investors are looking out for now.
In the end, we can see that the crypto market appears to be benefiting the most from the latest news by the Fed to unload an “infinite amount of cash” and “support smooth market functioning.” Tezos and Chainlink are the coins that are reaping the rewards since the announcement of the new stimulus programs.
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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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