Tezos’ price has been caught within a downtrend throughout the past couple of weeks, slowly grinding lower alongside Bitcoin and Ethereum while most other mid-cap altcoins incur parabolic momentum.
Analysts are now noting that where the cryptocurrency trends next may depend nearly entirely on Chainlink, as many investors have been treating XTZ as a “slower LINK” from a price perspective.
It remains unclear as to whether or not the two assets are truly correlated, but traders attempting to play this correlation may actually have manifested it. As such, one analyst is noting that where LINK trends next will provide guidance for Tezos.
Another factor to consider in the near-term is that Tezos just plunged to a key support level that one analyst has been watching for several days.
A continued bout of trading above this level could be all that the cryptocurrency needs to see some further upside in the coming few days and weeks.
Tezos Reaches Key Support Level as Multi-Week Downtrend Persists
At the time of writing, Tezos is trading up marginally at its current…