Chainlink and Tezos bulls aim for new highs
Chainlink hit a new all-time high with a 40% jump while Tezos has tested a 90-day high
Chainlink and Tezos have been on winning streaks over the past week, with LINK/USD shooting to a new all-time, while XTZ/USD looks to make a similar move.
Chainlink and Tezos, although trading lower during the current session, are the standouts as the altcoin season follows Bitcoin’s struggles to break into a new channel.
Chainlink and Tezos jump 40% and 15% respectively
Chainlink spiked over 40% yesterday to hit a new all-time high of $8.40. As reported, LINK/USD sailed past its previous all-time high to reach $5.
Since the start of July, the coin’s value has risen nearly 80% to see Chainlink rank as the 11th largest cryptocurrency by market cap.
However, the last few hours have seen increased selling pressure force the price down by about 6%.
A look at the four-hour chart suggests bulls have healthy support at $5.70, marked by an influx of buy volume of the last leg to an all-time high of $8.40.
Buyers are likely to defend the $7.00, as indicated by the 38.2% Fibonacci retracement level, so an upside flip from this level could see bulls resume their quest for higher gains.
The relative strength index indicator suggests Link is trending in overbought territory, with an accumulation phase at $7.50 and $6.50 likely.
LINK/USD is trading at around $7.20 as of writing, nearly 6% down in the past 24 hours.
XTZ/USD bulls aim for a new high
Tezos also spiked over the past 48 hours to hit a new 90-day high of $3.18. The cryptocurrency briefly jumped into 12th position by market cap, before a tick down in prices saw it drop to 13th.
Although its price has shed over 5% in the past 24 hours, XTZ/USD remains in the green over the weekly timeframe with its value about 13% higher.
Bulls might also look for a fresh upside to try to breach resistance at $3.00 and aim for a new high. Currently, investors are watching out for any movement between $2.85-$2.75.
If buyers hold this region, the next upside will easily take XTZ/USD above $3.00 and bring the 90-day high $3.18 into perspective.
Tezos is currently trading at around $2.81, with healthy support at $2.40 in case of a downturn beyond the lower boundary of the above range.