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Zeus Capital condemns Chainlink a security, while LINK price takes aim at $15

  • Zeus Capital reiterates its claim that Chainlink is a pump scheme.
  • LINK price continues to edge higher and faces key resistance near $15. 

Zeus Capital, an asset management firm with a focus on alternative investment tools, raised its stakes in proving its claim that Chainlink is the "Crypto's Wirecard."

After warning investors against buying Chainlink following the cryptocurrency's rally to a record high of $20.30 back in August, the firm tweeted out on Wednesday, November 18, that they still have $77,240 to pay as a reward to people who provide insightful information on Chainlink's questionable affairs.

Meanwhile, Chianlik seems to be staying in a steady uptrend after correcting all the way down to $7.30 in late September. LINK is currently gaining lost ground and seems poised for higher highs.

Chainlink price approaches the $15 hurdle 

LINK is fluctuating in a seven-week-old ascending channel. On November 4, the price fell below $10 and tested the support line of that channel. However, LINK staged a decisive rebound from that point and rose into the upper half of the channel.

Although the initial attempt to break higher was unsuccessful, the pullback was limited at the mid-point of the channel around $11.80 on Sunday, November 15, and buyers seem to remain in control since the start of the week. 

Currently, the ascending resistance line is located around $15. A daily close above that level could attract bulls and help LINK gain traction. If the price manages to advance as much as the height of the active channel, it may try to retest the previous all-time highs around $20. 

LINK/USD 1-Day Chart

LINK/USD 1-Day Chart

On the other hand, if LINK fails to reclaim $15, the initial support could be seen at $13.40 (Fibonacci 50% retracement of August-September decline) ahead of $13 mid-point of the ascending channel, and $12 (Fibonacci 61.8% retracement). Finally, the lower limit of the channel at $11 will come back into play with a daily close below $12.

LINK/USD 1-Day Chart

LINK/USD 1-Day Chart

Despite Zeus Capital's efforts to prove that LINK's upsurge was a four-part pump scheme and was driven by FOMO, Chainlink's acquisition of DECO from Cornell University seems to have triggered a healthy increase in the price since September. Regardless, It remains to be seen whether LINK will be able to extend its uptrend beyond $15 and march to higher highs.

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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