Summary:
- ChainLink is once again attempting to take back the $ 12 price area and turn it into support
- LINK’s bullish trend comes after Bitcoin regained $ 13k and prints a spike in 2020 at $ 13,498
- Binance has added ChainLink as collateral on its lending platform
ChainLink (LINK) is once again showing bullish momentum after Bitcoin pushed hard above $ 13k to peak in 2020 at $ 13,498 – Binance rate. ChainLink regained its bullish momentum after the Bitcoin pump is the result of a more than two-year relationship between LINK and BTC. This relationship has been highlighted multiple times by veteran crypto analyst, Timothy Peterson, of Cane Island Alternative Advisors, as can be seen in his tweet below.
$ LINK it may never reach $ 7. This relationship between #ChainLink is #Bitcoin dates back more than 2 years ago. However it is only a price extrapolation, maybe ok in the short term but questionable in the long term. It could also go sideways for a year like 2019. pic.twitter.com/9kTCA7jrJ9
– Timothy Peterson (@nsquaredcrypto) 13 October 2020
LINK attempts to turn $ 12 into support
At the time of writing, LINK is trading at $ 12.07 after testing lower levels of $ 11 yesterday. The latest price level of around $ 11.20 was the result of the stock markets opening in the red after the news of the increase in COVID19 cases in the United States and Europe. Additionally, traders and investors have concluded that the US House of Representatives will not pass a second stimulus bill before the election. This means that there will be no new funds to revive the US economy until after the election.
Bringing attention back to ChainLink, its current price is just a few cents from the $ 12 resistance zone that had acted as support over the past weekend when LINK closed the week at around $ 12.25.
ChainLink added as collateral on Binance loans
ChainLink’s attempt to withhold $ 12 could be helped by adding LINK as a side option on Binance Loans. This can loosely be translated as Binance Loans users will prefer to use LINK as collateral, given the digital asset’s potential to gain value over time, as predicted numerous times by crypto analysts.
The Binance Loans team also added Tezos (XTZ) as collateral, removing Tether (USDT) as an option for the same.
Can ChainLink (LINK) Reclaim Past Glory
The big question now on the minds of LINK marines is whether ChainLink can regain the momentum seen in August when it set a new all-time high at $ 20. This question can only be answered once ChainLink (LINK) resumes several levels of support. on the way to the top, especially those at $ 1 dollar intervals. These include short-term resistance at $ 12, $ 13, $ 14, and $ 15.
[ad_2]Source link
