with chainlink we are seeing two noteworthy trends:
1. A steady appreciation in price, not just in dollars but also more notably in ETH. LINK/ETH is basically a consistent grind higher 2. Large amounts of LINK being removed from exchanges
what do these two things mean?
Does it mean that normies and twitter users are jumping on the link bandwagon? No. Firstly, Chainlink is still way less hyped by normies compared to other coins of similar Mkt cap.
For example, LinkTrader and Chainlink subreddits have 15k followers each. XRP has 220k followers. Cardano has 80,000. Stellar has 110k. You might think that Link is a normie coin now because you remember in 2017 when only Zig Forums knew about it, but the fact is Chainlink is still far less popular among normies than other coins of a similar market cap. You can see similar patterns on google trends or twitter.
In addition to this, normie small time buyers generally hold their coins on exchange.
What this means is that institutions are buying chainlink tokens. These are people who are planning on using the chainlink network in a big way and are starting to buy their stacks now. We're talking the likes of Oracle, NASDAQ, Microsoft, IBM etc.
Things will start to kick off later this year with Oracle integration and staking. In my opinion we see a slow grind higher until about September or October, at which point we'll be 5-6$. Then we'll start to see some fireworks with major applications by the likes of Oracle and staking. That could take us to 10-20$
Chainlink has basically never had a dip in LINK/ETH
If you think Chainlink is going to dip to 2$, you're basically saying Ethereum is going to dip to 80 dollars or something. Nothing to do with chainlink which will continue slowly appreciating against ethereum
Jack Campbell
Reddit subscribers is a good indicator but really just check the number of wallets on chain. link has 120k wallets XRP has 3 million Eth 50 million Btc 65 million
Jaxon King
To me the fact that nobody knows about this coin and it's almost top 10 means that it's way overvalued. To each his own I guess
No, not "to each his own". That is simply an incorrect interpretation.
Technical analysis is literally worthless. If you want to gamble on ethereum based on TA go ahead, but it has nothing to do with chainlink.
Oliver Butler
Both ETH and LINK will dump soon. LINK might dump less, causing LINK/ETH go do up. It's still stupid to hold either when you could be in a stable coin or USD when they both crash. Get gud
Roulette gamblers often believe they feel what number or colour is coming next
Blackjack players often believe they have a strategy that beats the house, whereas other than counting this is impossible
Poker fish believe they are winning players getting unlucky when in reality they are getting eaten up by sharks and rake
TA traders are no different. TA traders lose money. It's gambling. There's no science behind it, no evidence that it works. It's garbage.
Noah Davis
Very good point, especially with that Chainlink is still not a normie coin. But through staking we can reach a lot higher prices, we talk about a time when chainlink is finally fully secured, functional etc and services have a real benefit of using it.
Caleb Collins
>Fireworks in September
Isaiah Long
you just did the most retarded version of TA in the OP >chart go higher means institutions are buying absolutely based on nothing except number go up the only low iq here is you
Elijah Cook
It’s so fucking tiresome. I like OPs perspective though.
Not the same thing. Noting a slow grind in prices, combined with Link moving off exchanges and how this implies big buyers is NOT the same thing as drawing random lines and saying "hurr this means we dump nao" without providing any logic.
Connor Hernandez
It's reassuring and tiresome at the same time that Link doesn't really do the pump cycles other coins have but was steadily marching into the top #20.
Meanwhile, LINK is getting withdrawn from exchanges as OP says. Why this doesn't lead to a price explosion, I don't know.
I’m pretty sure coinbase isn’t reported on these charts, and a lot of that link is probably moving there
Nicholas Wright
yeah the normies won't get on link till it moons to 80$
Cameron Ross
Crazy, I remember checking sometime early 2019 and Link had
Carter Sullivan
It basically came true though at the very end of September/beginning of October when Link pumped back up to $3 after going down to like $1.50. At the time there were a bunch of memes showing other cryptos that had just 1 big pump then crashed all the way down and stayed there. Holding in the bear market wasn't that bad because it didn't move, but the crash after the coinbase pump had me second guessing maybe I was deluded all along. Seeing it go back up to $3 was basically dispelling the notion of link being another PnD. I considered that fireworks. Also it had only been
Damn, you were just being yourself. Shame yourself sucks lol
Mason Adams
ecks dee
Dominic Ross
This thread is boring. OP, tell us something we don't know already about LINK.
Christopher Murphy
tangibly charting liquidity is not at all like magic number TA bs
Owen Lee
Link price is going up steadily as exchange holdings plummet.
Nathan Wright
Actually it is overvalued. 4000% in 2 and 1/2 years, every sane hedger or trader would have took off the majority of his capital out already. Good thing tough it trades really not shitcoin-like much more than a stock. Yeah the ones still holding is mostly VC insiders in bed with Sergey and ICO oldfags. It just does not appeal (rightfully so) for new big money entering position into this, especially when they just start building their exposure to crypto. There are better options for them. So it is mostly retail buying. I really dont know what to make out of the 150k individual Link addresses tough, seems very high and not reflecting LINKs circumstances right now.
As someone who is in it since November 2017, I think you need some kind of mental illness to be in LINK or other type of desensitized/ numbed down personality trait to invest into a high risk speculative actually meant for VC funding instead of an average joe putting in his paychecks. I mean I went through every single waruso link post, and this is the conclusion I come too. The constant shilling and FUD with breadcrumbs in between would turn any adjusted individual crazy in no time.
Carson Gutierrez
no its not overvalued and your post makes no case for it being so.
Josiah Brown
Thanks for your continued interest in our financial well being, hope your ducks are in a row niggerfaggot
Brayden Phillips
it is overvalued coming from the traditional investing viewpoint. entering now you will have to pay 4000% premium for an still early stage startup that in the same time didnt boost their fundamentals by 4000%, by actually be integrated with institutions and Fortune 500s, by actually having hyperbolic paying users, by actually implementing core functions on mainnet that were laid out in the whitepaper etc... LINKs price deattached from its fair value therefore the risk is on your side buying now
