LINK token records an ATH high today as the price surges to $8.5. Coincidently, the rise is identical to Tesla Inc. since the COVID-19 crash. While the rise in Tesla Inc. is 250% since March, the rise in LINK is 205%. The similarity in the rise since the beginning of July has been particularly striking.
While Tesla Inc. has is backed by tech bulls, the bullish momentum in the altcoin seems to have been brought about by ‘price discovery phase’ and surging volume. It’s price broke above the resistance below $5 entering the FOMO phase according to an analyst for Zerohedge. The bullish flag past $6 realized into massive gains of 20% in the following day.
Nevertheless, while numerous forged partnerships are acting as bullish catalysts, leading analyst like Ryan Selkis are still apprehensive of the fundamentals behind LINK’s rise. He tweeted,
ChainLink is proof that no one knows what they’re talking about and crypto “fundamentals” is basically macro sentiment, alchemy, and animal spirits.
Chainlink formed valuable partnerships this year beginning with its price oracle integration on Coinbase and decentralized exchanges. It also integrated with China’s national blockchain network, BSN, and crypto exchange, Huobi. Crypto trader and analyst, Josh Rager, who is still bullish tweeted,
Just wait until you see $LINK and $XTZ over the next 6 months
Why Must Tezos Follow?
The crypto markets represent a tendency of money inflow in altcoins, often with a definitive close trend.
Social media sentiments and price action of Tezos [XTZ] and Chainlink [LINK] strongly highlight this trend. The correlation coefficient of the Tezos with LINK is currently at 0.9 (high), while with Bitcoin [BTC] it is 0.69.
Trader and analyst, Immortal Technique (alias) market the similarities in the two charts here,
The price action of the two altcoins also represents a similar trend. Nevertheless, traders would still be looking for the confirmation of the breakout and consolidation above the resistance around 0.00033-0.00035 BTC.
Which asset would you trust more for gains: crypto or equities? Please share your views with us.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org