Chainlink vs Tezos – check the analysis of the two currencies
On April 7, LINK’s price burst on the downward wedge it had been trading on for three weeks and has gone up almost 50% since then. During the same day, XTZ also came out of an upward wedge, but rose only 18%.
Chainlink or Tezos, which one will go further?
LINK’s price was being traded within a falling wedge from March 13 to April 6. Throughout the pattern, the daily RSI generated a considerable bullish divergence.
In addition, the price found support in the 200-day moving average and in the support area of 330,000 satoshi. Since the beginning of April 7th, LINK has created seven successive bullish candles.
As for the future movement, there is resistance and support at 530,000 and 430,000 satoshis, respectively.
However, the short-term chart indicates that this increase may soon come to an end.
The price has been negotiated within a rising wedge since April 10, currently very close to the projected end. In addition, the short-term RSI generated a bearish divergence, a sign that the price is likely to break and move into the support area of 430,000 satoshi described earlier.
The price of Tezos was also negotiated within a descending wedge during the period from March 13 to April 6. The breach occurred at the same time as LINK, near the end of April 6.
Similar to LINK, the price found support in a long-term moving average (MA). However, it was the 100-day MA instead of the 200-day MA. This MA coincides with the support area of 25,000 satoshi. Unlike LINK, the leak was not preceded by any upward divergence.
If the price continues to rise, the next areas of resistance are found at 29,500 and 33,500 satoshis.
In the short term, the price of XTZ is being negotiated within a symmetrical triangle. As this triangle is considered a continuation pattern and is occurring after an upward movement, a break is expected.
This is combined with an inversion of the 29,500 area, as support also indicates that the price will continue to rise towards the next resistance, with 33,500 satoshis.
To conclude, even though LINK and XTZ emerged from the descending wedges, the magnitude of the break and successive movements has been different. In addition, there does not appear to be a delayed correlation between their movement.
Text adapted from: Decrypt