ChainLink (LINK) Retakes $12 Amidst a Bullish Bitcoin
2 min read
Summary:
- ChainLink is once again attempting to retake the $12 price area and turn it into support
- LINK’s bullishness comes after Bitcoin retakes $13k and prints a 2020 peak at $13,498
- Binance has added ChainLink as collateral on its Loans platform
ChainLink (LINK) is once again exhibiting bullish momentum after Bitcoin pushed hard above $13k to post a 2020 peak at $13,498 – Binance rate. ChainLink regaining its bullish momentum after Bitcoin’s pump is the result of a more than two-year relationship between LINK and BTC. This relationship has been highlighted several times by veteran crypto analyst, Timothy Peterson, of Cane Island Alternative Advisors as can be seen in his tweet below.
$LINK may never hit $7. This relationship between #ChainLink and #Bitcoin goes back 2+ years. However it is just a price extrapolation – maybe ok in the short term but questionable in the long term. Could also go sideways for a year like 2019. pic.twitter.com/9kTCA7jrJ9
— Timothy Peterson (@nsquaredcrypto) October 13, 2020
LINK Attempts to Turn $12 into Support
At the time of writing, LINK is trading at $12.07 after testing the lower $11 levels yesterday. The latter price level of around $11.20 was as a result of the stock markets opening in the red after news of increasing COVID19 cases in the United States and in Europe. Furthermore, traders and investors have concluded that the US House of Representatives, will not pass a second stimulus bill before the elections. This means there will be no new funds to boost the US economy until after the elections.
Shifting focus back at ChainLink its current price is only a few cents shy of the $12 resistance zone that had acted as support through this past weekend as LINK closed the week at around $12.25.
ChainLink as added as Collateral on Binance Loans
ChainLink’s attempt to hold $12 might be aided by LINK being added as a collateral option on Binance Loans. This can loosely be translated to mean that users of Binance Loans will prefer to use LINK as collateral given the possibility of the digital asset to gain value with time as predicted numerous times by crypto analysts.
The team at Binance Loans also added Tezos (XTZ) as collateral while 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 the month of August when it set a new all-time high at $20. This question can only be answered once ChainLink (LINK) retakes several support levels on the way to the top particularly those at $1 dollar intervals. These include the short term resistance at $12, $13, $14 and $15.
