On the Weekly log chart, LINK is establishing a clear upward trend that the pitchfork median -> .5 deviation has really captured well. Logarithmic charts for projects like LINK make sense for me as it is a hugely popular and, in my opinion, grossly undervalued project. If we copy the fractal of the previous two attempts at getting above the pitchfork median, it lines up with some pretty key emotional areas of resistance around that magical $100 dollar mark, as well as the 200 and 400 dollar marks.
Also! When link has made an attempt at that logarithmic median? We've seen a roughly 65% correction both times. LINK is just now breaking out of the lower 1.0 deviation test. Which has acted as super solid support in its upward trend over the last dozen weeks or so. If LINK can get above that 0.5 deviation? I'd expect it to continue marching its way towards that $100 dollar mark and we'll see what happens around then. Taking some profits around there would be something I might look to do as a swing trade, I would also look to load up on more link around the bottom of the pitchfork before it continues on towards 4 figures.
Fundamentally.... LINK is the most important project in all of crypto in terms of the dependency factor of ALL of #Defi. They've built the solution to all of the trust problems inherent with centralized finance, and the dependency that Smart contracts have on data. If you're not looking to trade? This is a buy and hold for 10 years. Just forget about it until you're ready to retire.
@justind128, Right now, as a US resident there's not many platforms that allow you to "stake" Chainlink. Gemini is the only one that's legally legit for my state? But true LINK staking isn't implemented yet. Pooling your tokens as part of a node operation and putting those up as collateral will be the true staking. Where stakeholders that want access to the data provided by the nodes will pay in LINK for that data, and then the payment will be distributed proportionally to all the people who've pooled their tokens.
For platforms like Celcius, Gemini, and Crypto dot com? They're basically paying you interest to borrow your capital, and they lend it out to others and do whatever they want with it. Not really staking in the tokenomic sense for chainlink.
lucgarc1020
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Than you for taking time and posting a very informative message.
its_maxbro
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@lucgarc1020, You're welcome! I'm happy to do it. I don't know if you can tell... but fundamentally I adore link.... and technically it is a beautiful chart.
lucgarc1020
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@its_maxbro me too ...I am a long long term link investor ..I wonder how much Link will cost in 10 years ..probably 2k to 3k easley..
its_maxbro
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@lucgarc1020, It's fun to speculate on the 10 year price :) I usually ask, ok... what's the amount of money the insurance industry could save by shifting the majority of their business to autonomous, data-driven smart contracts. Billions of dollars? So then what's the value that they'd put on being able to rely on verified decentralized trusted data for said SC's? Probably something in the billions as well... and that's JUST the insurance industry. We're not even mentioning Defi, verifiable randomness and the gambling industry etc etc. I think 4 figures is inevitable for LINK.
B_Musk
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@its_maxbro that’s a no brainer. LINK will hit 4 figures by end of year, likely 2k by 2022. The value that will flow in as a result of capitalizing on this massive and diverse addressable set of markets will come later in the decade.