Chainlink heading to a bullish run!!!

[Raqeebzy 6456]

Hi fellow forum members. Today, in this topic, I will be making some technical analysis on Chainlink token (LINK). Before proceeding, let's talk a little about chainlink.

What’s Chainlink?
     Chainlink is a decentralized oracle network that allows provision of data from off-chain to on-chain (or smart contracts. Basically it means it connects smart contracts to real word data and payments.

Chainlink

It implies that more demand of decentralised oracle network services = more demand of the LINK token. 

As time goes on, LINK will be one of the most demanded assets. Watch out!. 

More about chainlink and tokenomics? Visit Chain.link

 

     As at present, LINK ($11.2) is ranked 6th CoinMarketCap with a circulating supply of 390,509,556 LINK from a total supply of 1B LINK. With market capitalization of over $4.3B and volume of 132M LINK ($2B), it peaked to its all time high at Aug, 2020 at $19.85 and it has its all time low of $0.126 in Sep, 2017.

LINK was the highest performing crypto asset in 2019 with nearly (or more) 500% ROI, starting at $0.3 at the beginning of the year to $1.80 at the end, more than BTC (around 100% ROI).

 

 

     After peaking to the ATH earlier this year, there has been noticeably a bearish trend hitting as low as $7.3 with the market showing a some sign of weakness. Should we (investors and trader) be worried?.

 

     On my analysis, the first noticeable trend as shown on the chart above, was the chainlink market making some higher lows. As seen and shown in 1, 2, 3 and 4(currently) after each bearish pattern, there has been significant upward movement; 49.2% in 1, 40.09% in 2, 32.8% in 3 and as at this time in 4, there has been more than 19% upward from the bearish candle.

 

 

      It is not healthy for me to be bearish but I have to admit the LINK market is weak at this moment and most likely a resistance will have to be dealt with at $13.22 in the next few days we have been rejected twice as shown in the immediate above chart. 
     Personally I placed an order at $10.04, expecting the same pattern and predictably up to 25% from the bearish candle following the same pattern. Will it break the barrier?
The next few days will be crucial if the market will show some strength, break the pattern and go very bullish or not, go bearish below the previous support ($9.77; with the help of my 50 days moving average exponential).

I remain remain positive however with help of some fundamental factors:

• Zenlink exchange announces it will integrate chainlink oracles: Mainly because of its transparency, decentralization, security and high quality.
• Increasing ecosystem: 29 new project integrates into chainlink bringing the total to over 315. 

 

 

If the above in not bullish enough then, I don’t know what’s it? 

Chainlink is one of the most volatile cryptocurrency since 2017, relatively one of the most profitable.

 

This is not a trading advice!!!. 

As seen on the charts, all are made independently and liscensed to this community. Prior to any usage, contact the administration.

 

Thank y'all. Profit for everyone.

Edited November 6, 2020 by Raqeebzy
Spelling errors

[Smallingcane012 344]

The link heading to flushing run is good not bad in any situation or in any place but it can work only in a good situations like that.

[afez420 20]

Very valuable and excellent analysis mate. Thank you so much for this. Chainlink is a very interesting coin and I will probably make an investment into it very soon.