Analysis on $LINK for CryptoEduLK Community
ChainLink ($LINK) is a middle layer concept to connect smart contract blockchain with external off chain data inputs. Still in the very early stage of development, however, it gained significant importance upon the partnership of Google, which shot price in 10X. Ranked #11 with a current market capitalisation of $USD 1230 mn.
Technical Analysis
Low correlation with $BTC movement. Entered into price discovery in Feb 2020. Due to this Very limited inferences can be made from graphs. Significantly dropped during mid March taking it out of P/D zone. However nicely bounced out after a 15 days accumulation period.
Currently trying to break out of a weekly resistance, breaking this and stable BTC can lead a run towards ATH and may be in to P/D again.
Weekly resistance - 50577 sats
Daily resistance/Fibonacci retracement 78.6% - 51848 sats
Moving above 50 MA & 21 EMA
Fundamental Analysis
Increasing presence by moving into new partnerships.
Token economy and Staking
Built as ERC20 token on ETH blockchain. Supply of 1,000 mn $LINK with 35% current circulation in the market. Staking can be done via Node operators such as LinkPool
Always DYOR!
Technical Analysis
Low correlation with $BTC movement. Entered into price discovery in Feb 2020. Due to this Very limited inferences can be made from graphs. Significantly dropped during mid March taking it out of P/D zone. However nicely bounced out after a 15 days accumulation period.
Currently trying to break out of a weekly resistance, breaking this and stable BTC can lead a run towards ATH and may be in to P/D again.
Weekly resistance - 50577 sats
Daily resistance/Fibonacci retracement 78.6% - 51848 sats
Moving above 50 MA & 21 EMA
Fundamental Analysis
Increasing presence by moving into new partnerships.
Token economy and Staking
Built as ERC20 token on ETH blockchain. Supply of 1,000 mn $LINK with 35% current circulation in the market. Staking can be done via Node operators such as LinkPool
Always DYOR!
Trade active:
And we are back in Price Discovery!
