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ChainLink has been decreasing since May 22 but has bounced at a minor support level. However, there is considerable resistance overhead. Tezos is also trading inside an important support level but has broken down from a short-term ascending support line.

Well-known trader @PostyXBT outlined a LINK chart that shows a breakdown from a symmetrical triangle:

Posty believes the decrease seen in many altcoins occurred as a result of the BTC volatility.

Stopped out just below the clean invalidation level BTC volatility is always a threat when trading alts Until next time, marines

The LINK price has been decreasing since it reached an all-time high price of 56,739 satoshis on March 14.

However, as long as it is trading above the 36,500 satoshi area that previously acted as resistance and has since turned to support, its price movement can be considered bullish. This support area is also strengthened by the presence of the 200-day moving average (MA).

In the shorter-term, the price is also possibly trading inside a symmetrical triangle. While the price has bounced above the support line of this triangle, there is considerable resistance overhead in the form of a previous support level, the 200-hour MA, and the resistance line of the triangle.

This makes it more likely that the price will break down and head towards the 36,500 satoshi support area previously outlined.

Another altcoin that has often been compared to LINK is Tezos (XTZ). The most important level is found at 29,500 satoshis, where the price is currently trading.  If the price breaks down, the next significant support level is found at 25,000 satoshis, supported by the 200-day MA.

On the other hand, the closest resistance level is found at 33,000 satoshis, between the 0.5-0.618 Fibonacci levels of the previous decrease.

In the short-term, the price has already broken down from a short-term ascending support line. This makes it more likely that the price will continue its descent towards the support area previously outlined. The minor support level of 28,000 satoshis is likely to initiate a slight bounce.

The post Outlining the Future Movement of LINK and XTZ appeared first on BeInCrypto.

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