Chainlink (LINK), Tezos (XTZ) Resume Bull Run With Bitcoin Above $10K
Chainlink and Tezos target new-all time highs as Bitcoin price recovers to rally above $10,000.
Lately, the best-performing assets have been Chainlink (LINK) and Tezos (XTZ), which is noteworthy considering this is lengthy bullish price action from large-cap cryptos other than Bitcoin (BTC) and Ether (ETH). Chainlink is up 165% since the start of this year, while Tezos made a 180% upwards move. These upward movements warrant an analysis of the charts.
Crypto market daily performance. Source: Coin360
Tezos has one hurdle before a massive upward move
XTZ BTC 3-day chart. Source: Cointrader.Pro
The XTZ/BTC 3-day chart shows a clear breakout of the resistance at 0.0002570-0.0002600 satoshis. This level was a significant resistance for a long time, as the price of Tezos failed to break through this level four times in the past 18 months. The fifth attempt finally made a definite breakthrough.
The big difference between the previous attempts and the current one is the sudden increase in volume. Through the past few months, the volume on Tezos increased significantly, which led to the breakout of this vital resistance level.
Tezos price is currently hovering around the last hurdle before a continuation of the upward rally. Breaking through the 0.0003450 satoshis level would suit a continuation of the momentum. The next targets are found at 0.0005000 and 0.0005500 satoshis, a possible increase of another 50% on the price.
XTZ BTC 4-hour chart. Source: TradingView
The 4-hour chart shows a clear range between the price of Tezos is moving. The price of Tezos dropped the past few days towards the support and confirmed the 0.0002915 satoshis level as support.
The recent Bitcoin price correction was the main cause of this drop. Many altcoins, including Tezos, immediately bounced back upwards, and some of them already made new highs in their Bitcoin pair.
The resistance of 0.0003380-0.0003500 satoshis is currently being tested and a breakthrough of this level is leading to a continuation of the upward surge.
Tezos heads towards $4 as next resistance level
XTZ USD 3-day chart. Source: Cointrader.Pro
The USD chart of Tezos is showing many similarities with the BTC chart, as it’s also showing a significant increase in volume. An apparent breakthrough of the resistance at $1.75, causing the upward momentum to continue towards $3.50. The next hurdle to take would be the $4 level.
If the price of Tezos can break through the $4 resistance, continuation towards $5.85-$6 looks likely to occur.
However, a retest of previous resistance levels is not out of order. If such a move occurs, levels to focus on are the $1.75 and $2.50 levels.
XTZ USDT 4-hour chart. Source: TradingView
The XTZ/USD pair is also showing range-bound movements on the 4-hour chart, just like the Bitcoin pair. However, there’s one big difference that can be spotted. The USDT pair shows an apparent support/resistance flip at the $2.75 level.
The $2.75 level was previously