LINK at lower time frame critical supply zone
Look at the ETH and BTC charts for some confirmations, I believe LINK will break out of this resistance zone. If you go back and look at the charts, they are very similar in price action, the only difference being that ETH and BTC have broken out of their resistances and even climbed up to new ATHs. LINK has not at the moment. Has LINK been left behind due to all the hype around other coins? Maybe. LINK has been around for quite some time now and it could be that investors are looking at other newer projects.
But anyway, price action does not equally correspond with fundamentals.
What does LINK even do?
Well, according to CoinMarketCap LINK was..."founded in 2017, Chainlink is a blockchain abstraction layer that ***enables universally connected smart contracts.***
Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network."
That's quite something, connecting smart contracts from different networks, wouldn't you say?
So back to the technicals. As I've mentioned before, I think using ETH and BTC as confluence that LINK will break out. I don't mind if it won't be this exact instance. If LINK breaks out of this level, I would be looking for entries on the retest. If LINK is rejected and dips, I will look for entries around the daily swing lows where the demand is sitting, below 28.58$ specifically.
Cheers
But anyway, price action does not equally correspond with fundamentals.
What does LINK even do?
Well, according to CoinMarketCap LINK was..."founded in 2017, Chainlink is a blockchain abstraction layer that ***enables universally connected smart contracts.***
Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network."
That's quite something, connecting smart contracts from different networks, wouldn't you say?
So back to the technicals. As I've mentioned before, I think using ETH and BTC as confluence that LINK will break out. I don't mind if it won't be this exact instance. If LINK breaks out of this level, I would be looking for entries on the retest. If LINK is rejected and dips, I will look for entries around the daily swing lows where the demand is sitting, below 28.58$ specifically.
Cheers