2018-11-1 19:23 |
The 44th ranked cryptocurrency by market cap, Chainlink, has been outperforming for some time. Chainlink is a middleware solution which has been receiving a lot of hype recently. Many view it as holding the potential to revolutionize how smart contracts on blockchain such as Bitcoin and Ethereum interact with external data.
In terms of price analysis, Chainlink is exhibiting the characteristics of price which is going parabolic. This can be seen by the progressive increased in the steepness of the upward trendlines. This is exactly the kind of price action which took place in Bitcoin, Ethereum, and a lot of other altcoins back in November 2017. If it truly does go parabolic, increases would be far greater than what they are now. The below chart illustrates Chainlink’s current price action to that the parabolic price action of Bitcoin last November.
Chainlink Current Price Action (left) & Bitcoin Price Action last November (right). Chainlink & Bitcoin Chart – Source: Tradingview.comThere are some wild predictions circulating for the price of Chainlink recently. If price action starts to go parabolic, traders should put in place strict risk management procedures as prices that go parabolic can swing violently in the opposite direction once reaching their top. For the moment, there is a lot of anticipation for Chainlinks potential to enable smart contracts to interact with external data in a new way. Chainlink has been one of the significant movers in the market recently while the rest of the market has mostly been consolidating. This could be making it attractive for more short-term traders to speculate on its price action which may also be playing into the price increases we have been seeing.
Key Takeaways: Chainlink is displaying characteristics of price action which is going parabolic. Traders who are getting involved trading Chainlink should apply strict risk management procedures as parabolic markets can swing violently in the opposite direction. With most of the market consolidating, some of the increases we have been seeing in Chainlink may be due to shorter-term traders seeking an instrument which is making significant movements. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Is Chainlink [Link] Price Setting up to Go Parabolic? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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