Tezos News Today – the altcoin Tezos as well as Chainlink have both rebounded sharply. They rebounded at the same time the rest of the digital asset market remained in the red zone. A further rise in buying pressure for both XTZ and LINK could ensure that they post higher highs. However, experts believe that there is strong resistance in front. Tezos and Chainlink look closely correlated following the recent partnership between both platforms. XTZ and LINK have rebounded as their partnership continues to solidify.
Creating Partnerships That Offer Value
Both Tezos and Chainlink are two of the best performing virtual currencies in the sector. The two altcoins are now up by over 100% since the beginning of this year despite the coronavirus pandemic (COVID-19 has negatively affected the traditional financial markets). These gains stem from the recent partnership between both entities and the hard work that developers in both communities have put in.
Tezos recently partnered with Chainlink to offer developers access to real-time data feeds in a move that will allow more utility. Tezos’ smart contract developers will easily connect with off-chain resources via Chainlink’s decentralized oracle. According to Vishakh, the co-founder of Cryptonomic:
“Offering Tezos developers the most reliable and secure oracle solution is paramount to advancing Tezos’ ecosystem. Chainlink’s secure decentralized oracle has a plethora of use cases across Equities, Insurance, DeFi, and much more.”
The integration makes it much easier for developers to create on Tezos. It also expands the utility of Chainlink. The two digital assets will see the results of their partnership in the long-term. In the meantime, the partnership appears to have sparked more interest from market participants.
Tezos and Chainlink Have Rebound Sharply at Press Time
After the local that top on that happened on April 30, both Tezos and Chainlink have indicated high amounts of correlation. The smart contracts token declined by 15% since then, Chainlink’s coin fell by a whopping 12.25%. On the day, a similar action seems to have occurred as the price of XTZ rose by 10%. Meanwhile, LINK surged by 8.5%.
Even though the crypto market seems to be on shaky ground, nothing is stopping the two cryptos from reaching their potential via the upside. They have regained their respective 61.8% Fib retracement as support points will set the springboard for more upswings. A rise in Tezos’ demand and that of Chainlink will possibly catapult both coins to higher highs. A key resistance to watch is XTZ’s recent high point of $3 and LINK’s $4 high point. Breaking these supply barriers will likely trigger panic buying among investors.
