As other base layer networks like Avalanche and Polygon enter the space, I believe the money may start flowing into more application specific networks like LINK. The new leadership changes and partnerships being created are fundamentally bullish for LINK. From a technical perspective I want to look at valuation against ETH/USD/BTC. All of which at current are seemingly bullish.
Here I have charted out what I perceive as a likely scenario for the LINK-ETH correlation. The steps for this scenario are as follows:
1. LINK holds above the broken trend line and the .008 level concurrently.
2. LINK makes a run for the next most significant Fib level .382
3. Consolidation between .382 and .236 Fib levels until a test and break above that channel occurs.
4. Break above and the rest should be glorious.
These levels to me are quite important because of the relationship the LINK and ETH share. ETH being the base layer network and LINK being application specific yet dependent on said base layer. If all this pans out, I would not be surprised to see some massive upside swings from LINK.
Here I have charted out what I perceive as a likely scenario for the LINK-ETH correlation. The steps for this scenario are as follows:
1. LINK holds above the broken trend line and the .008 level concurrently.
2. LINK makes a run for the next most significant Fib level .382
3. Consolidation between .382 and .236 Fib levels until a test and break above that channel occurs.
4. Break above and the rest should be glorious.
These levels to me are quite important because of the relationship the LINK and ETH share. ETH being the base layer network and LINK being application specific yet dependent on said base layer. If all this pans out, I would not be surprised to see some massive upside swings from LINK.