Chainlink: The price of LINK goes up 5%
Chainlink: The price of LINK goes up 5%
Trading

Chainlink: The price of LINK goes up 5%

By Federico Izzi - 20 Aug 2020

Chevron down

There is only one positive sign among the first 15 capitalized, that of Chainlink (LINK) which, after four days of suffering, goes up again, reacting with a +5% from yesterday’s levels.

Chainlink-200820

The prices of Chainlink, after piercing the $20 for the first time last Monday, have suffered a loss of 30% due to massive profit taking. This drop seems to have ended at the moment, although we will have to wait for a confirmation in the next few days.

With today’s climb, Chainlink is back in fifth place with more than $5.7 billion. Bitcoin Cash (BCH) is again at a distance of more than $300 million, losing 1.3% today.

coin360-200820
Source: COIN360.com

For both Bitcoin and Ethereum, as well as most major altcoins, it is the third consecutive day downwards. A sequence that hasn’t been recorded since the end of June.

Total capitalization remains above $365 billion with volumes down in the last 24 hours (-20% since Tuesday). However, trading on Bitcoin remains strong, for the third consecutive day above $3 billion.

Bitcoin’s dominance has risen slightly to 59.5%, after having reached the minimum since June 2019. Unchanged for Ethereum (12.5%) and XRP (3.6%), stable at last week’s levels.

Bitcoin-200820
Bitcoin chart by Tradingview

Bitcoin

Prices are trying to consolidate above $10,500. The operational indications remain unchanged from the levels indicated yesterday.

Upward, the break of 12,500 dollars is necessary, while downward, it is important to keep the 10,500 dollars or, in case of breakage, not to extend the decline below 10,000 dollars.

Ethereum-200820
Ethereum chart by Tradingview

Ethereum

In these hours the prices of Ether are back again to test the crucial support of the $400, former resistance level. The tightness of this threshold will be a clear signal of strength.

On the contrary, stretches below $390 will have to stop in the $355 area in order not to compromise the bullish trend built in the last month that saw Ethereum prices double in just four weeks.

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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