Tezos And Chainlink See Opposite Moves Compared To Other Assets

Tezos and Chainlink see opposite moves on the market compared to the rest of the market as LINK surpassed its competitor Tezos on a week-to-date timeframe as we are about to see in the latest Tezos news.

While LINK/USD surged by 7.45 percent the XTZ/USD pair dropped by about 6.96 percent. Both tokens outperformed the rest of the market but XTZ failed to sustain the bullish moment due to bad publicity and the bad technical bias. Tezos and Chainlink have seemingly kept the way of increasing but LINK is above Tezos by market cap. The 12^th largest cryptocurrency extended the bullish bias in a week which saw Bitcoin trading slowly in a tight-price range while the LINK/USD exchange rate jumped to $0.43 or 7.45 percent and established the week-to-date high at $4.93.

In the meantime, Tezos failed to attract more traders to sustain the bullish momentum but the XTZ/USD exchange rate dropped by 6.96 percent from the Monday opening rate to change hands for $2.26. the opposite moves between both cryptocurrencies seemed with organic growth in both blockchain projects and the cryptography company Bolt Labs launched the private payment solution zxChannels on Tezos’ blockchain which shows the high demand for the XTZ token.

The news came once the XTZ/USD pair was trading more than 70% higher on a year-to-date timeframe but the arrival happened at the same time with the show up in the bearish indicators as both fundamentals and technical factors appear on the chart. XTZ reversed from its year-to-date price high at $3.22 while the downside correction didn’t see as much bull action. XTZ broke below the ascending trendline support and even formed the predictive death cross between the 20-DMA and 50-DMA.

The plunge came once the Tezos foundation agreed to settle the lawsuit from the law firm Block & Leviton from $25 million. Traders could have interpreted that the founder of Tezos Justin Sun will launch a massive sell-off of the XTZ tokens to play the plaintiff which intensified the bearish bias. XTZ is standing above the make-or-break support level of the 200-DMA and if it manages to break below it then the sell-off could continue to $1.85.

Chainlink’s asset is trading 169% higher on the YTD timeframe it keeps both its fundamental and technical indicators under the bullish watch but over the day, Singapore-based crypto exchange Huobi announced that they will run a Chainlink node. In the meantime, the blockchain-enabled gaming firm Polyient Games said they will use Chainlink’s blockchain and will distribute the rewards among the users.