Chainlink (LINK): the price goes up 8%
Chainlink (LINK): the price goes up 8%
Trading

Chainlink (LINK): the price goes up 8%

By Federico Izzi - 4 Mar 2020

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The markets remain frozen at yesterday’s levels, with a few exceptions such as the price of Chainlink (LINK), which consolidates its 11th position and today rises by 8% back to the highs reached in mid-February, as well as absolute historical highs at $4.8. 

chainlink price

Chainlink, with today’s jump, takes on Tezos (XTZ) in 10th position, which today gains 2.5%. The two are separated by $250 million in capitalization.

Today, despite the slight prevalence of red signs, over 60% of cryptocurrencies are in negative territory, there are no particular jumps to highlight, except for Matic Network (MATIC) which today is the best of the day with +20%. Followed by Hedera Hashgraph (HBAR), which with a 10% leap returns to the top after last week’s strong tumble. 

chainlink price
Source: COIN360.com

Among the big ones, besides Chainlink, Cardano (ADA) gains 1.5%: they are the only ones above the parity in the top 20.

The drop of the day is attributable to Kyber Network (KNC), Synthetix Network (SNX) and Maker (MKR). These are three tokens linked to DeFi, the downtrend is due to the profit-taking after the decided rises of the past few days.

The market cap remains above $250 billion with solid volumes, although down from yesterday’s levels. The dominance of Bitcoin is confirmed at 64%, while Ethereum just under 9% and Ripple at 4.1%, consolidating yesterday’s levels.

chainlink price
Bitcoin chart by Tradingview

Bitcoin (BTC) price

Bitcoin fluctuates above and below $8,800, the weekend highs at $9,000 remain a challenging threshold in the short term. 

It will be important for BTC not to slide below $8,000 where the dynamic bullish trendline passes, which maintains the positive trend by combining the lows of mid-December and early January.

Ethereum chart by Tradingview

Ethereum (ETH) price 

Even Ethereum is at yesterday’s levels and battling around $225. It will be important for Ether to go above $255-250. 

In case of violation of the relative lows of the weekend at $215, the medium-term support level is at $200 where the dynamic bullish trendline passes, which also combines the lows of mid-December until early mid-January.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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