Chainlink (LINK), Tezos (XTZ) — Key Levels to Watch as BTC Consolidates

When Bitcoin (BTC) goes down, Chainlink (LINK) and Tezos (XTZ) go down. But when Bitcoin starts to move upwards, a much bigger move can usually be expected from these two coins as well.

As Bitcoin hit a temporary bottom yesterday at $8,450, so did Chainlink and Tezos, which are ranked 12th and 10th by market capitalization, respectively.

Crypto market daily performance. Source: Coin360

Chainlink hitting must-hold support and bounces

Chainlink has been hovering between a narrow range, as the $3.85-4 level is seen to be a resistance level while the $3.40-3.50 level can be confirmed as support.

As the price of Chainlink was moving towards that support yesterday, the big question arises whether it was capable of holding that level for support one more time. The result was a 10% bounce.

LINK USDT 3-hour chart. Source: TradingView

Just as Bitcoin is consolidating inside a range so is Chainlink. Support levels are clearly defined with the $3.40-3.50 area, while the resistance at $3.85-4 remains…