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Chainlink Reaches Monthly High Breaks $3.10
Chainlink Reaches Monthly High Breaks $3.10

Can Chainlink Maintain Its Price or Will Profit Taking Begin?

 

Out of the thousands of tokens and cryptocurrencies issued in the 2017-18 era few managed to live up to expectations. Those that did managed to perform even better than anyone could have guessed. Both Chainlink and Binance have succeeded to not only generate a hefty return on investment but also truly innovate.

Chainlink a decentralized oracle service for different blockchains. Essentially with ChainLink, data from an external source, such as the internet can be placed on nearly any blockchain.

Over time, Chainlink managed to partner with some very big names in tech which included Google, Oracle, & OpenLaw. The long list of partnerships is possibly one of the reasons which helped Link's rise to #14 on Coinmarketcap and it's all-time-high of $4.21.


This doesn't seem to be the case this time. Link's is trading currently at a monthly high of $3.13 which is not too far from its all time high.

 

Can Link Maintain its Price?

Seeing that Link is rallying pretty strongly, a dip can follow.


 

LINK review by Senin on TradingView.com

The charts seem to show that trend indicators are overheated and need correction. There are a few divergences are spotted on all kinds of EMA and RSI. Momentum seems to be getting weaker. While there is a potential this rally could reach 3.69 on Fib so take profit on every swing point or keep out of it.

There are signs of huge overloaded market and triple top on a daily chart.

 

Tread carefully linkies!

 

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*A special thanks to Senin for his assistance with TA

 

 

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Written by Jonathan Ganor

Writer & cryptocurrency aficionado

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