Today, we will discuss the 6th highest ranking coin according to CoinMarket cap: ChainLink. As a fairly new coin, created in 2017, its steady success has been promising. Especially, since its parabolic rise in March when it dipped from $3.60 to $1.97 then peaked in August before smoothing out to its current price of today’s $12.37.
How did such a steady incline occur? Read this ChainLink Market Analysis to find out.
Following BTC Price
Technically, the Link parabolic rise, which began at $1.51 in mid-March, ended at nearly $19 in August. It corrected to the level of $7 by making a 64% correction.
Parallel to the rise of Bitcoin against the dollar, it rose above the 100-day average on the
daily chart. Watch the triangle formation against the BTC daily chart below to catch a ChainLink before it rises again.
Fighting the Bears
Although the bear market has tried 5 times to break the $9.25 mark, ChainLink has held a strong support at this price. At the time of this writing, it is steadying at $12.37, which should hold if it stays above the 100-day average.
And with this strong support, there is no reason it can’t hit $19 again before the end of the year.
ChainLink Has a Practical Future
ChainLink’s progress isn’t an accident. There is practical value behind this ChainLink Market Analysis. It’s the first decentralized oracle network that serves smart contracts. Their partnership with Google shows that they are at the forefront of a technology revolution.