As I am a fan of both these projects and cryptocurrencies, I thought I would have a quick look into them. At the time of writing this, Tezos is currently ranked 10th on CoinMarketCap with a $1.9 billion Market Cap with ChainLink ranked 13th with a $1.3 billion Market Cap.
ChainLink has been decreasing since May 22 but has bounced at a minor support level. However, there is considerable resistance overhead. Tezos is also trading inside an important support level but has broken down from a short-term ascending support line.
The LINK price has been decreasing since it reached an all-time high price of 56,739 satoshis on March 14.
However, as long as it is trading above the 36,500 satoshi area that previously acted as resistance and has since turned to support, its price movement can be considered bullish. This support area is also strengthened by the presence of the 200-day moving average (MA).
In the shorter-term, the price is also possibly trading inside a symmetrical triangle. While the price has bounced above the support line of this triangle, there is considerable resistance overhead in the form of a previous support level, the 200-hour MA, and the resistance line of the triangle.
This makes it more likely that the price will break down and head towards the 36,500 satoshi support area previously outlined.
Another altcoin that has often been compared to LINK is Tezos (XTZ). The most important level is found at 29,500 satoshis, where the price is currently trading. If the price breaks down, the next significant support level is found at 25,000 satoshis, supported by the 200-day MA.
On the other hand, the closest resistance level is found at 33,000 satoshis, between the 0.5-0.618 Fibonacci levels of the previous decrease.
In the short-term, the price has already broken down from a short-term ascending support line. This makes it more likely that the price will continue its descent towards the support area previously outlined. The minor support level of 28,000 satoshis is likely to initiate a slight bounce.
What do you think we will see in the coming week / month? Do you agree with the above analysis? Also If you like this content, consider tipping the article / following me, so more people see this content and we get a nice discussion going on.
Also, If you are interested in trading, I would suggest you try out BeInCrypto's free Telegram chat. I am there and it is growing very quickly (over 3,000 members) where they discuss the market and share interesting content. They also have a free premium channel where they have a cryptocurrency trading course and daily trading signals. If you are interested, you can click here.
Until next time, stay classy crypto world!