Up 150% Chainlink & Tezos Lead the Crypto Recovery but for How Long?

Any discussion over the current price action in the crypto market is likely to include some reference to Chainlink (LINK) and Tezos (XTZ).

Both have seen some of the most volatile and massive flows of the past twelve months in the cryptomarkets. Since the Black Thursday crash on March 12, Chainlink has seen a surge of 156% and Tezos has rallied by 152%.

The question is, will these altcoins remain the leaders of the pack and indicate future surges in the altcoin market?

Crypto market daily performance. Source: Coin360

Is Chainlink moving to a new all-time high?

Looking back, the crash on March 12 started at $3.80 for Chainlink. In just over a month’s time, the price has rallied back up to the levels prior to the crash. Such a move shows strength and interest from buyers.

LINK USDT 1-day chart. Source: TradingView

As the chart shows, Chainlink reclaimed the monthly support level at $2.25 and started to show off strength since. Remarkably, the price quickly rallied towards $3.80 but this is no surprise as there are not many resistances in between $2.20 and $3.80.

Alongside the huge gap between support levels in the chart, Chainlink and Tezos have both been showing incredible strength when Bitcoin (BTC) price moves. If Bitcoin decides to move upwards, Chainlink and Tezos generally move up as well, but in a way higher degree than Bitcoin itself.

Chainlink and Tezos are the two strongest trending coins in the past 18 months and each regularly shows massive volatility and volume for traders.

However, after such a surge, it’s more likely to see short term corrective movements than further upwards momentum. Especially given the current market sentiment in which people fear for their financial situation. Equity markets remain shaky and it seems that a breakdown in Bitcoin price is on the way.

LINK BTC 6-hour chart. Source: TradingView

On the 6-hour timeframe, LINK/BTC shows a potential bearish divergence and a clear resistance area to which the coin surged.


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