LINK’s optimism comes after Bitcoin returns to $ 13,000 and prints a peak in 2020 of $ 13,498.
ChainLink (LINK) is once again showing a bullish moment after Bitcoin rose sharply above $ 13,000 to show a new high in 2020 worth $ 13,498 – in binance.
ChainLink has been regaining its momentum after the surge in Bitcoin that shows the result of a more than two-year relationship between LINK and BTC. This relationship was highlighted several times by the popular crypto analyst, Timothy Peterson, of Cane Island Alternative Advisors, as can be seen in his tweet.
LINK tries to turn $ 12 into support
At the time of writing this article, LINK is trading at $ 12.07 after testing the lower levels of $ 11 yesterday. The latest price level of around $ 11.20 was the result of the opening of stock markets in the red after news of increased cases of COVID19 in the United States and Europe. In addition, traders and investors have concluded that the US House of Representatives will not pass a second stimulus bill before the elections. This means that there will be no new funds to boost the US economy until after the elections.
Shifting the focus to ChainLink, its current price is just a few cents from the $ 12 resistance zone that served as support during the past weekend, when LINK closed the week at around $ 12.25.
ChainLink as collateral for loans at Binance
ChainLink’s attempt to settle at $ 12 can be aided by LINK being added as a guarantee option for loans at Binance. This means that users of Binance Loans will prefer to use LINK as collateral given the possibility of the digital asset gaining value over time, as predicted numerous times by cryptocurrency analysts.
The Binance Loans team also added Tezos (XTZ) as a guarantee while removing Tether (USDT) as an option for it.
ChainLink (LINK) can recover the glory of the past
The big question now in the minds of LINK enthusiasts is whether ChainLink can regain the momentum seen in August, when it set a new historical record of $ 20. This question can only be answered when ChainLink (LINK) resumes several levels of support on the way to the top, especially those at $ 1 dollar intervals. This includes short-term resistance at $ 12, $ 13, $ 14 and $ 15.