price discovery<\/a>, yearly pivots suggest a resistance zone between US$10.30 and US$12.18. Both volume and RSI show a bearish divergence suggestive of waning bullish momentum.<\/p>\n<\/p>\n
Turning to the Ichimoku Cloud, there are four key metrics; the current price in relation to the Cloud, the color of the Cloud (red for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross, and the Lagging Span. The best entry always occurs when most of the signals flip from bearish to bullish, or vice versa.<\/p>\n
On the daily chart, Cloud metrics are bullish; the spot price is above the Cloud, the Cloud is bullish, the TK cross is bullish, and the Lagging Span is above the Cloud and price. The trend will remain bullish so long as the spot price remains above the Cloud. Kijun support currently sits at US$6.83. Since the Kumo breakout in April, the Cloud has had two bullish TK recrosses (yellow) above the Cloud, highly suggestive of bullish continuation.<\/p>\n
<\/p>\n
Historic price averages can also provide a band of most likely price targets around a high and low zone. Using backtesting, various iterations of any high timeframe price average can be used, so long as previous highs can be accurately predicted.<\/p>\n
Prices below the moving average can be treated as areas that will likely find support and should be considered oversold conditions. Prices above some multiple of the moving average can be treated as zones more likely to find resistance and should be considered overbought conditions.<\/p>\n
The half-year moving average currently provides a lower limit of US$4.41. The half-year 5x multiplier currently provides an upper limit of US$13.37.<\/p>\n
<\/p>\n
On the daily LINK\/BTC chart, trend metrics remain bullish. Price has largely remained above the 200-day EMA since August 2018. Additionally, since 2018, all drops below the Cloud have been temporary, leading to bullish continuation (not shown). The trend will remain bullish while the spot price is above these two critical levels. High volume VPVR support sits around the 12,000 sat zone should price fall below the 200-day EMA.<\/p>\n
A high timeframe bullish Pitchfork (PF) with anchor points in July 2018, and January and May 2019 encapsulates the current price action. Throughout any given trend, the spot price returns to the median line several times, currently at 62,000 sats (yellow). Based on the median line and yearly pivot resistance, a price of 72,000 sats is expected around September this year, should the trend continue. A price close below 35,000 sats would likely invalidate the current trend.<\/p>\n
<\/p>\n
On the daily LINK\/ETH chart, trend metrics are similar to the LINK\/BTC chart; price has held above both the 200-day EMA and the Cloud since July 2018. Again, the trend will remain bullish while the spot price is above these two critical levels. Upside yearly pivot resistance sits at 0.035 ETH. If and when this trend does reverse, very little downside VPVR support exists until the 0.0036 ETH level.<\/p>\n
Price has also formed a potential bearish reversal pattern, the rising wedge. Hallmarks for this pattern include a series of higher highs and higher lows confined in a tightening zone. According to chart pattern specialist, Thomas Bulkowski, \u201crising wedges are some of the worst performing chart patterns which can breakout in any direction, but break downward 60% of the time.\u201d<\/p>\n
<\/p>\n
Conclusion<\/h2>\n
As more and more non-compatible blockchains, APIs, and datasets begin to emerge, so has the need to bring interoperability to the on-chain and off-chain worlds. LINK aims to solve this problem through a decentralized oracle network of node operators, incentivized to propagate accurate data by staking LINK. Thus far, LINK has established impressive proofs-of-concept or partnerships with SWIFT, Google, Oracle, and Intel, all of which are leaders in banking or cloud computing industries.<\/p>\n
On-chain metrics for the LINK token, Github dev activity, and Google Trends all show a strong or continuous uptick in activity over the past several months, which supports the recent bullish rallies and continuous bullish price trend. LINK run oracles have quickly become a mainstay of the DeFi universe. However, this flurry of on-chain activity is likely related to speculative demand and not necessarily organic use of the network. Additionally, the remaining 267 million tokens currently held by Smart Contract Limited can be sold at any time. Based on wallet activity recently, 500,000 LINK has been moved every two weeks.<\/p>\n
Technicals for the LINK\/USD have remained in bullish territory since the March drop, with the LINK price holding well above both the 200-day EMA and the daily Cloud. Any further price discovery will likely find resistance at the yearly pivots of US$10.30 and US$12.18. Pullbacks in the near term are likely to find support at US$4.50 to US$5.00.<\/p>\n
Technicals for the LINK\/BTC and LINK\/ETH pairs suggest a bullish outlook with a continued multi-year bull trend. Both pairs are holding above the 200-day EMA and daily Cloud. If prices move higher throughout 2020, LINK tokens held by Smart Contract Limited may again be sold, as was the case in July through August 2019. Additionally, as ETH enables staking later this year, the LINK\/ETH pair may enter a short-term bear market fueled by ETH speculators.<\/p>\n","protected":false},"excerpt":{"rendered":"
On-chain metrics for the LINK token, Github dev activity, and Google Trends all show a strong or continuous uptick in activity over the past several months, which supports the recent bullish rallies and continuous bullish price trend.<\/p>\n","protected":false},"author":744,"featured_media":22810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[921,922,308],"_links":{"self":[{"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/posts\/29109"}],"collection":[{"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/users\/744"}],"replies":[{"embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/comments?post=29109"}],"version-history":[{"count":0,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/posts\/29109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/media\/22810"}],"wp:attachment":[{"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/media?parent=29109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/categories?post=29109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/tags?post=29109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}