We are going to be talking about chain link and specifically were going to be talking about why i bought shane link over the weekend. In fact, i brought it on friday and im going to be showing you the technical analysis on link, because i just joined the link marines and i would love to show you guys why not just explain it from a fundamental standpoint, but also show you the price Action and where i think we might be going over the next month or so im gon na, be breaking down that purchase of mine and tell me in the comment section down below. If you would like to see more videos where i talk about my purchases of different altcoins, and why and then also looking at the analysis just like this, if you enjoyed todays video, make sure to hit that like button and really do tell me if you want To see more content like this, because we want to cater to you, but without much further ado lets go ahead and dive right on into it were gon na start off with some chain link. Analysis were currently looking at the daily chart on chain link and then were gon na dive into the fundamentals. Just a little bit right now, chain link is breaking bullish out of a massive triangle pattern that started back here on may the 9th when much of the cryptocurrency market hit all time high back then shane link rallied all the way to 55 dollars, and currently it Is breaking bullish out of this symmetrical triangle pattern with a flat level of resistance right here, an uptrending level of support right here, weve been gradually breaking bullish out of this for the last couple of days, and currently we find ourselves below critical resistance here at 35.

I personally think that its going to see a breakout above 35 relatively soon, but were probably going to see a small correction before that happens, heres a scenario that i could see playing out on chain link. We very well could see chain link rally up to 35 correct and back test, this downtrend down to maybe 28 or 30, and then bounce and rally further to the upside. The reason i say this is because 35 is a very critical level of resistance, and also because bitcoin right now is rallying quite a bit. So too is ethereum and both of those projects are taking a little bit of the steam out of chain link. Looking down here to the four hourly chart, you can see that chain link is currently breaking bullish out of an ascending triangle: pattern that you can see right here. This ascending triangle pattern, in my humble opinion, has a price target all the way up here at 42.. The 42 is obviously the answer to the life universe and everything, and it is also the answer to that price target. Tell me in the comment section down below if you got that super geeky reference, but taking a look at some of our indicators here, you can see that the rsi is sitting at 63 means that were bullish, but not so overextended that the market is in danger Of correcting means that were in the healthy stage of an uptrend, in my opinion, were probably only about a third of the way through the rally that started back on the 21st of september.

I could see us rallying pretty consistently for another couple of months, just based off of the way and the angle that the mark is moving at and the rsi taking a look at the macd. Here we were looking like we were about to cross bearish, but with the movement to the upside that weve seen recently looks like chain link is now diverging bullish, which is a very good sign. Indeed, taking a look here at the daily chart, lux algo, you can see that there was a strong buy signal recently following a trend catcher turning green, which means that we are pretty bullish on chain link. But the thing you need to keep in mind here is that were already pushing pretty deep here into the reversal zone. Basically, what thats telling us is that yeah were bullish, but its going to take a little bit of time for the momentum to really switch. Think about a cryptocurrency market like a massive ship with a small rudder oftentimes. It takes a while for the ship to change directions. Right now we are trying to change directions from moving sideways, generally, ever since september and august to moving to the upside its going to take a while for all of these different indicators to start moving out of ranges into a trend. So dont expect a massive blast off out of chain link unless something big fundamentally happens. Instead, in my opinion, i think it would be wiser to expect a rally, small correction and then a continuation of the rally moving up to all time, high, probably at the later part of december, if not moving into january thats.

When i think a major altcoin season will start but lets go to full screen really quickly and ill break down. Why i just bought chain links. There are actually a lot of cryptocurrencies that ive invested in that i havent really talked to you guys much about a couple. Examples are basic attention, token. That is the native token for the brave browser which been which has been taking off. I also hold some xrp and, like i said, tell me down below. If you want to see me, explain why i am in those projects, but i just bought some chain link on friday about three days ago and im very excited about the project heres. Why chain link is the leading oracle application in the cryptocurrency space? What is that? Well, an oracle network is something that allows for external data to be brought onto a blockchain. For example, pricing data chain link allows different decentralized applications and decentralized finance protocols to be able to pull things like pricing data, which is the main application of it right now from off the blockchain, so that youre able to do things like decentralized finance. How hard would it be to build a decentralized exchange if you have no way of pulling price data for the cryptocurrencies that are being traded? It simply wouldnt work, because prices are the foundation of all things. Economics and chain link is the leading oracle application that allows for things like that to occur.

As far as i can tell, it has about 40 billion dollars in locked assets already on its blockchain, and it is the leader in this space pretty much. Every single one of the major defy applications in this ecosystem uses chain link, and it is a leader in the infrastructure of the infrastructure that is decentralized finance. It is the leading infrastructure application in its sector and thats. Why? I, like it, has a lot of functionality and i am by no means a blockchain developer or a blockchain expert, but from what i can tell it seems to be very good at what it does. It is a project that, in my opinion, has a very large value, applica value pro value proposition and is likely going to see a lot of gains because it is becoming integral to the decentralized application and d5 space that we are currently building. I think d5 is going to have over a trillion dollars locked within the next 12 months and when that happens, chain link is going to be one of the integral components to allow that to occur. If you are interested in defy and if youre interested in decentralized applications subscribe to the channel because im going to be talking about them, a whole lot more and ill be explaining in more videos in the future. Why im invested in certain projects i put about two percent of my portfolio now in to chain link, which i am very excited to see move if you want to see more content like this hit, the subscribe button were only a thousand subs away from a 200 000 subscribers we only hit 100 000 subscribers back in may and were hoping.

Our price target of 250 000 subscribers by the end of the year is accurate. So if you enjoyed this video and you think, itll provide value to someone else go and share with 10 of your friends, so that we can all become informed and financially free about cryptocurrencies. Today, right now, by investing in ourselves, also make sure to follow me on twitter, because bitcoin is going absolutely hog, wild and bonkers right now and if you want to see some immediate price updates whenever something crazy breaks, my twitter is the place to find that stuff. You can follow me at crypto jeb for breaking news on price action, because thats, what were here to do is to bring you updates on the price of your favorite assets anyway, guys thats. All i got for you today before i go. I do just first want to thank each and every single last one of you for watching.