ChainLink Price Prediction – How to potentially make 50% on your investments!

Chainlink is one of the top 5 cryptocurrencies by market capitalization, surpassing USD 5.3 billion. Cryptocurrency enthusiasts are often on the lookout for solid new coins that have a solid infrastructure and provide value to the masses. Chainlink is one of those coins, that have high growth potential, and a promising future ahead.

What is Chainlink?

Chainlink has an interesting concept, as its presence doesn’t create a “threat” to other cryptocurrencies. Instead, the platform wants to advance the entire sector via its unique protocols.

Chainlink attempts to rectify one of the biggest problems facing the blockchain sector, which is how information is effectively commuinicated tthroughout blockchains. This task is usually accomplished by sensors known as oracles, which can be set up to monitor nearly any variable: company data, sports scores, account balances, stock prices…

Oracles expand the usability of blockchains because they provide a reliable way to initiate smart contracts when outside parameters are met. However, oracles are centralized. This centralization makes them the weakest spot in the blockchain. If an oracle becomes corrupted or is compromised, it puts the entire network at risk.

Chainlink Technical Analysis

Chainlink was on a healthy uptrend earlier this year until its prices shot through the roof back in August, where prices went from USD 7 all the way to USD 20, or a price increase of 186%.

Surging volumes and new partnerships pushed Chainlink price to this new all-time high. In fact, it is believed that the August price pump was due to major market hype. If we closely look at Google Trends, we notice an increased search for this crypto in tandem with the price hike.

Is Chainlink still a good investment today?

The price of Chainlink managed to get out of the downtrend and broke through the upper channel, to go back to its original healthy uptrend. Google trends show “normal” search activities, correlated with the general cryptocurrency market as a whole.

If you would buy Chainlink today, a sensible stop loss price would be around USD 10, where price would breakout of the lower channel. The other more likely scenario is if prices continue on their uptrend, and reaching its previous all-time high of USD 20, where you would pocket around 54% profits, and that’s in the short term, without talking about 2021.

Chainlink quick stats

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