Chainlink is still a very new cryptocurrency and was able to prove itself against the Bitcoin price in the year 2019. Chainlink was one of the top cryptocurrencies of the 2019 and was able to close the 2019 with a whopping profit of + 523% and was therefore significantly better performing than the Bitcoin price. But what about the coming year 2020? There are a few questions about Chainlink such as can Chainlink continue its positive balance in 2020? Is Chainlink a good investment? Let’s take a look at this in more detail.
Is Chainlink a good investment?
As mentioned earlier, Chainlink is still a new cryptocurrency and was able to establish itself against the Bitcoin price. On Binance, the price touched a low of around 0.35 USDT last year and subsequently increased to around 4.58 USDT.
The current stabilization positively gives good chances to inaugurate a position in the lower support zone at USD 1.50. Chainlink continues to converge in a triangle and two more waves are missing until the end of consolidation. However, if waves D and E are completed, the price should have considerable potential as long as the breakout is on the upside.
If the performance trend advances, a trader will make a good profit. But users need to understand their developments and other material to be updated on what’s occurring with this project. LINK was one of the few tokens listed on Binance without a listing price. This was done only because of chainlink’s characters. ChainLink is one of the outstanding oracle projects, trying to provide authentic real-world data to smart contracts.
Discovery through the lower green zone would be an intimidating information sign and would ruin Chainlink’s positive outlook. A breakout on the top side would happen if the upper trend line was developed dynamically. The more advanced, the better! If the wave is too long for this, it is a clear sign of instability and will fuel doubts about a strong sequence of the trend.
Do you have any questions about the analysis or do you want to discuss the current developments with us? Then feel free to visit us in our free Telegram group. We look forward to welcoming you there.
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