A 70% success rate indicator is predicting that LINK could reach an all-time high soon so let’s read more in the latest Chainlink coin news today.
A brief pause in the LINK uptrend prepared the token for a huge bull run, according to the 70% success rate indicator which emerged from LINK’s latest rebound. Dubbed as the “Bull Flag” the pattern seems to be a downside correction during the uptrend. Most of the traders treat their occurrence as a sign of the bullish movement given the price action that meets certain criteria. For example, the LINK/USD exchange rate confirmed a Bull Flag formation because the pair logged a preceding uptrend, it managed to consolidate after topping out a $20 per token, and the retracement lasted about more than 50 percent lower.
The pair looks to extend the breakout with its technical upside target sitting at $13.48 upwards from the level where the bullish movement occurred. An asset usually rises by as much as the height of the flagpole after the bull flag breakout. This can shift the long-term upside target to $22 which is an all-time high for Chainlink. A lot of the bullish bias depends entirely on the success of the parent project as the decentralized oracle network which serves as middleware between external data sources and smart contracts, allows them to secure off-chain data actively.
LINK operates as a utility token inside the Chainlink ecosystem and the protocol uses it to reward node operators for providing services. In the meantime, it can also stake links as collateral and provide oracle services. The emerging use of LINK’s protocol in the decentralized finance sector boosted LINK’s adoption and the token is up by 624 percent on a year to date timeframe at the time of writing.
— yTedd (@TeddyCleps) November 10, 2020
A pro-chainlink publication on Medium-SmartContent, presented a bullish case for LINK using its potential adoption curve. It stated that the oracle platform will offer more than just live data feeds like off-chain computations, interconnect smart contracts via APIs, and a gateway for enterprises to collect data from blockchains. Chainlink’s fundamentals look strong to analysts which says that the demand for the token could increase. LINK was trading at $12.7 at the time of writing which is up by 2.09 percent in a day.
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