Chainlink, Tezos, Ontology price analysis: 8 July

Altcoins such as Chainlink, Tezos, and Ontology saw their price surge during the course of the past week. For most altcoins, since the start of the month, their price action has been very positive and in the case of Chainlink, the coin recorded a 42 percent spike in its trading price.

Chainlink [LINK]

Source: LINK/USD, TradingView

Chainlink saw its price rise dramatically since the start of the month. In less than a week’s time, the price saw a surge of over 42 percent bringing its current trading price to $6.2 – an all-time high for the coin. Interestingly this surge came after China’s national blockchain network activated 135 nodes with integrated Chainlink price oracles.

At press time Chainlink had a market cap of $2.1 billion and a 24-hour trading volume of $890 million. If the price were to make a reversal and drop there are two strong points of support that the coin can rely on at $4.3 and $3.8.

The MACD indicator shows strong bullish sentiment after the MACD line went above the signal line. The RSI indicator echoes a similar sentiment as it is now positioned in the overbought zone.

Tezos [XTZ]

Source: XTZ/USD, TradingView

The past few days have been beneficial for the trading price of Tezos. At press time, Tezos is being traded at $2.66 after having registered a 21 percent spike in trading value over the course of the past week. The current trading price of Tezos finds itself inching closer to the resistance at $2.8 and in the case of an upcoming downtrend, the price can rely on supports at $1.9 and $1.6.

The MACD indicator for the coin has undergone a bullish crossover and indicates strong bullish sentiment. The EMA ribbons on the other hand have settled below the price of the coin and are now offering support.

Ontology [ONT]

Source: ONT/USD, TradingView

Ontology currently finds itself occupying the 30th spot on CoinMarketCap’s list with a market capitalization of $449 million. Currently, Ontology has a trading price of $0.64 after having witnessed a price hike of 25 percent in the past week. If the uptrend were to continue, Ontology is soon likely to be met with resistance at $0.74. However, it also has two strong supports at $0.52 and $0.44.

The MACD indicator has undergone a bullish crossover while the Bollinger Bands continue to signal a dip in volatility. Recently, one of the largest crypto exchanges – Binance announced support for Ontology 2.0 upgrades and noted it will not further allow NEP5-based ONT deposits.