I think it's always important to look at larger time frames when truly considering a long term hold asset like LINK. Remember fam, we're early investors in one of the most important technologies to the entire crypto space. Looking back on 10 dollar price swings, will be something that we all laugh about in the near future. I will never tell you what to do... but I bought the dip at $27, and I'm buying more at $25, and I wish I had bought more at $20....
Technically: This logarithmic weekly chart combined with a simple pitchfork, really shows us the trend we are in. We can see how this weekly candle falls safely inside that trend and how the lower wick tested and is currently respecting the median. If we draw some "what if" price action? We can clearly see that a dip to $7 dollars would still be contained by this trend, and that it would still be extremely bullish. In the next few months... if we pumped to $60 dollars, corrected back down to $30 and then pumped back up to $127 dollars it would be captured by the 1.0 prongs alone!
TL:DR #Chainlink is a long term hold. We're holding and accumulating as much as we can before institutions start completely relying on smart contracts, and the chainlink network becomes the pillar that an entire digital economy is built upon. Until then? Just take a step back and have some perspective. Enjoy the ride.
I just calculated the daily % cor these past 2 months. on 1 Jan link was around $11 as of today around $25 ..the average daily interested is .9%. Thus, we are on track to 700% + for 2021. Numbers dont lie lol...thanks for posting your thoughts.
its_maxbro
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@lucgarc1020, thank you for the %increase insights!
iglesiasx11
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What price do u think link will be in 3 years time?
@iglesiasx11, I'd say in the next 10 years, industry adoption of smart contracts will follow a parabolic path. The amount of profit margin advantage that can be attained by automating a large majority of business transactions will drive institutions to smart contracts the way that the internet swallowed all business. Can you imagine a business not having an online presence? Neither can I. I think that will be the same with autonomous smart contracts.
So with that level of adoption, and the soon to be implemented staking and collateralization economy of the Chainlink network? I would think that 4 figures is easily achievable for the first to market, largest and most decentralized network of oracle nodes.
Another person who I follow, Benjamin Cohen (intocryptoverse) talks about the current path of LINK and how its value should be roughly 1%-3% of bitcoin. So if bitcoin is $100,000 then LINK's price would probably reflect a $1000-$3000 price tag.
Seeing as Bitcoin is only 2x away from that 6 figure mark... I think that #Chainlink's time in the sun is almost inevitable. However, I'm of the super hopium camp thought, that when most everything corrects? LINK will not truly be affected, as its tokenomics will only force more and more adoption and scarcity. That's probably a delusional pipe dream? But one can hope :)
lucgarc1020
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@its_maxbro if Link maintains the daily average growth of .6 in the next 2 years (21 and 22) will hit around $250 by the end of this year and 2k next year. However, let's hope that 2022 will a bull cryptocurrency year.
B_Musk
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@lucgarc1020, we're hitting $450-$550 by October 2021, $2000 by April 2022. LINK is highly correlated to ETH's historic price action, including its patterns and time it takes to complete phases, though its movements are more amplified. I thought we broke the correlation in February but what we're seeing right now is a continued confirmation of correlation.
The issue with using average growth to forecast price action is it doesn't tell you where parabolic rises occur. What you're projecting is a modest rational forecast, which gives us some sort of safe idea about the future, but it won't reflect the price action that comes with irrational exuberance.
Either way, we're winning. Cheers!
wurucututu
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It is absolutely incredible how LINK is in that PF for so long. Chainlink Dev Team wallet getting emptied-out on March 12th might play huge role in price appreciation if they halt selling funds after that. Therefore I'm leaning more for the more bullish scenario, contingent to that happening ofc.
its_maxbro
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@wurucututu, Yep! I love your chart! There's quite a bit of evidence that the Chainlink team is selling millions of LINK a week on us, and we're still fighting for all time highs. I think it's only a matter of time before that sell pressure loses its steam.