I want to re-iterate that I truly believe LINK is one of the most important and bullish projects in the entire #crypto space. I've talked about in previous posts how LINK, despite being suppressed by the sell pressure of around 1 million LINK per week being sold by the #Chainlink team, is still consolidating at around 30 dollars and is fighting towards higher highs and ATH's.
If we draw a newer pitchfork from the start of the most recent run, and have it span the top and the subsequent dip? We can see a nice LTF price action developing on an upward trend. When drawing these pitchforks I look for the most confluence between the price action and the major pitchfork prongs. I'll switch between the original, schiff, or modified in order to find the most interaction. Then we use this as a guide of sorts to predict what the trend might follow, and to find likely price targets!
In this chart, we can see that the PA has really found that lower 1.0 prong to be support. It's been riding in the channel between the lower 0.5 and 1.0 prongs and was recently rejected from an attempt to break above. I think we'll see a continued march up this channel while we wait for March 12th, which is when the last Chainlink team market dump of 500k link will happen! Hopefully that will be the last of the sell pressure for a little while as the wallet that has been selling 500k link every 4 days will be emptied on that date!
I guess we'll see. Either way, I think we'll look back at sub 100 dollar link and laugh / cry that we didn't take more advantage of such a ridiculously suppressed price. Imo? LINK is a $3000 dollar coin at minimum...
For every seller there's a buyer. Whales are accumulating. More and more address are holding. It just a matter of time. Investors invest then exit . The team deserves their rewards. Out of weak hands into strong.
great chart and details, for sure worth to sit on a nice bag of LINK. Considering the role of it the crypto eco-system, will be essential in future. Worth to keep an eye on those wallets as well, still, once it will move up, big time.
its_maxbro
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@villa84, thanks! I'm very excited for all of those who understand what LINK actually means to the entire crypto market.
qzbyjtm7x4
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Wont thry just sell more from another wallet? Why stop? The idea must be to continue releasing no? Why does everyone assume it will stop
DCdevine
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@qzbyjtm7x4, No one knows. I wonder why they would continue to sell down all wallets if they just chilled out a bit and let it rise.
qzbyjtm7x4
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@DCdevine, err bc Link is $30+ each and they are generating millions of dollars. They have so many Link that what does it matter. The idea is that if it is not released how can it be used. Its not like diamonds where they withhold to increase price. Thats BTC’s mentality; finite amounts. Sure there is a finite amount of Link but with less than half in circulation, the idea to increase release makes sense. Price moves by demand. The demand will come
its_maxbro
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@qzbyjtm7x4, @DCdevine, @qzbyjtm7x4 I think too that the team really doesn't care about price. They are funding the development of the project and they'll sell as much as they need to in order to do that. Price comes from the demand and the utility of the project. Honestly, the longer the price is suppressed like this? The stronger the trend will be in the long run. Meteoric rises come with violent crashes. A long steady grind towards wide market adoption and dependence = massive price in the future. Patience is the play.