Zeus Capital condemns Chainlink a security, while LINK price takes aim at $15

Zeus Capital reiterates its claim that Chainlink is a pump scheme.
LINK price continues to edge higher and faces key resistance near $15.

Zeus Capital, an asset management firm with a focus on alternative investment tools, raised its stakes in proving its claim that Chainlink is the "Crypto's Wirecard."

After warning investors against buying Chainlink following the cryptocurrency's rally to a record high of $20.30 back in August, the firm tweeted out on Wednesday, November 18, that they still have $77,240 to pay as a reward to people who provide insightful information on Chainlink's questionable affairs.

We would like to thank all participants, who have reached us with insightful information on @chainlink's questionable affairs. $22,760 of the reward pool is already paid out, $77,240 awaiting new contributors. Join us here: https://t.co/dKl7fhA9Kl pic.twitter.com/n7gJQiSWF2
— Zeus Capital (@ZeusCapitalLLP) November 18, 2020

Meanwhile, Chianlik seems to be staying in a steady uptrend after correcting all the way down to $7.30 in late September. LINK is currently gaining lost ground and seems poised for higher highs.

Chainlink price approaches the $15 hurdle

LINK is fluctuating in a seven-week-old ascending channel. On November 4, the price fell below $10 and tested the support line of that channel. However, LINK staged a decisive rebound from that point and rose into the upper half of the channel.

Although the initial attempt to break higher was unsuccessful, the pullback was limited at the mid-point of the channel around $11.80 on Sunday, November 15, and buyers seem to remain in control since the start of the week.

Currently, the ascending resistance line is located around $15. A daily close above that level could attract bulls and help LINK gain traction. If the price manages to advance as much as the height of the active channel, it may try to retest the previous all-time highs around $20.

LINK/USD 1-Day Chart

On the other hand, if LINK fails to reclaim $15, the initial support could be seen at $13.40 (Fibonacci 50% retracement of August-September decline) ahead of $13 mid-point of the ascending channel, and $12 (Fibonacci 61.8% retracement). Finally, the lower limit of the channel at $11 will come back into play with a daily close below $12.

LINK/USD 1-Day Chart

Despite Zeus Capital's efforts to prove that LINK's upsurge was a four-part pump scheme and was driven by FOMO, Chainlink's acquisition of DECO from Cornell University seems to have triggered a healthy increase in the price since September. Regardless, It remains to be seen whether LINK will be able to extend its uptrend beyond $15 and march to higher highs.

Share: Cryptos feed

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.