LINK breather with potential entry opportunity @ $5.60, $4.80
Quick update, tremendous showing by LINK! We shattered through the previous all time high after numerous failed attempts to do so over this year. Things look extremely bullish for LINK, just keeps gaining momentum.
Order books seem to be dwindling some, suspect a pullback soon but still very bullish. (Captured on vcdepth.io)
While I don’t know how high it’s going to go, some strong support seems pretty clear. On pullback we have a strong chance of finding support in the $5.60 area based on emerging upper ascending channel trend line. We could pull back to establish the old ATH as support as a likely worst case, that of course is around the $4.80ish area.
It seems like we have a potential alt-season in the making but keep an eye on BTC which is struggling to reach above a 3 year descending trendline. Really the global order books are extremely healthy right now but until BTC shakes this resistance I worry BTC could pullback hard enough to make the whole market bleed pretty good. It would be this scenario that would lead me to believe LINK could test $4.80
I am setting limit buys @ $5.60 and larger add to my position at $4.80 should we see these prices come to fruition.
I really don’t have much to go on to identify a high, we are in uncharted territory and our trajectory keeps changing/progressing. This reminds me a lot of Ethereum action at the time when it was in this price range. I also feel the Chainlink project is just as big of deal as its host chain, Ethereum. That said, LINK with a $6B Marketcap and Ethereum with nearly $28B, its not a far stretch to see LINK catch up with nearly 5x gains from here. Presumable if LINK rises 5x, ETH will also see substantial increase in valuation but it would be interesting to see an Ethereum asset become more valuable than the Ethereum chain itself.
This is not investment advice, DYOR
Order books seem to be dwindling some, suspect a pullback soon but still very bullish. (Captured on vcdepth.io)
It seems like we have a potential alt-season in the making but keep an eye on BTC which is struggling to reach above a 3 year descending trendline. Really the global order books are extremely healthy right now but until BTC shakes this resistance I worry BTC could pullback hard enough to make the whole market bleed pretty good. It would be this scenario that would lead me to believe LINK could test $4.80
I am setting limit buys @ $5.60 and larger add to my position at $4.80 should we see these prices come to fruition.
I really don’t have much to go on to identify a high, we are in uncharted territory and our trajectory keeps changing/progressing. This reminds me a lot of Ethereum action at the time when it was in this price range. I also feel the Chainlink project is just as big of deal as its host chain, Ethereum. That said, LINK with a $6B Marketcap and Ethereum with nearly $28B, its not a far stretch to see LINK catch up with nearly 5x gains from here. Presumable if LINK rises 5x, ETH will also see substantial increase in valuation but it would be interesting to see an Ethereum asset become more valuable than the Ethereum chain itself.
This is not investment advice, DYOR