Tezos appears to mimic Chainlink’s price action, suggesting massive breakout ahead


  • Chainlink price breaks above $16, paving the way for gains eyeing $18 and $20, respectively.
  • Tezos follows in Chainlink’s footsteps and is likely to rally to $4 and August’s peak at $4.6.

Cryptoassets across the board have engaged thrust boosters, with many already trading at new yearly highs. Chainlink appears to be in the lead, with Tezos mirroring its price actions. The two digital assets’ technical pictures look very similar at the moment while pointing towards an eventual breakout.

Tezos and Chainlink on the cusp of a massive upswing

A glance at the XTZ chart illustrates a broken downtrend. The last stroke to the breakdown from August 2020 high at $4.46 occurred following the minor slump to slightly under $2.

Meanwhile, Tezos appears to have resumed the uptrend for gains eyeing $3 in the short term. If the price closes the day above the 200-day Simple Moving Average, we are likely to see a massive spike above $3 come into the picture,

XTZ/USD price chart

XTZ/USD daily chart

Chainlink displays a similar picture to that of Tezos; however, its price action has been drastic and in the lead. The downtrend from the 2020 high at $20 hit bottom slightly above $7, allowing buyers to regain control over the price. LINK/USD uptrend eyes $18 on the road to hitting new yearly highs.

LINK/USD price chart

LINK/USD daily chart

For now, holding above $16 is critical to completing the final leg to $18 and $20, respectively. Besides, the Relative Strength suggests the least resistance path is upwards, especially now that it is entering the overbought region for the first time since August.

In case Tezos rises above the yearly high at $20, buyers are likely to react by increasing their positions and aiming to take advantage of the price discovery. Beyond this crucial level, the next target is $28.5.

LINK/USD price chart

LINK/USD daily chart

Tezos has also embarked on the journey of breaking barriers following the reversal discussed above. The next target, after the resistance at $3, is $4. If massive buy orders are triggered, XTZ could start a bull cycle to new yearly highs.

XTZ/USD price chart

XTZ/USD daily chart

Chainlink and Tezos appear to be following the same growth pattern. Therefore, watching out for both assets side by side could provide a clear picture of where the recently started uptrends will end. For now, LINK bulls’ attention has been channeled to breaking the hurdles at $16 and $20. Tezos has focused on breaking above $3.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms

Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.

More Bitcoin News
Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin poised for double-digit decline after breaking ascending trendline

Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.

More Litecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.

More Cryptocurrencies News
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC

21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP