The analysis shows that Chainlink price is nearing a top by Elliot Wave standards

Chainlink price has exploded higher once again. Over the past 24 hours, this altcoin has grown by more than 12%, outperforming Bitcoin’s 0.5% performance. At the $ 19.00 LINK is trading, the cryptocurrency is at an all-time high. This is the latest in a series of higher highs set in recent months, triggered by a large number of investors in altcoins.

Chainlink price is near the top?

Many analysts were puzzled by this price action, as LINK currently has a market cap of just $ 4 billion compared to Tether. However, there seems to be a strong belief that the highs are very close. And also some people think that the peak is near.

The head of technical analysis at Blockfyre, Pentoshi, thinks that LINK is nearing a peak under Elliot Wave benchmarks. Elliot Wave is a form of technical analysis that believes the market moves in predictable waves due to investor sentiment. Technically, this discount idea is not invalidated as there is no limit on the length of Elliot Waves.

He said:

“4hr chart. It’s coming fam. Also I don’t know anything about Elliot Waves at all. But if I did. I’d say that’s a clear 5 wave structure. But I don’t and this fits my very short term bias and thesis so we’re going to roll with this.”

There’s also some on-chain data suggesting that a pullback is still possible. Over the past few days, blockchain analytics firms have observed a large amount of LINK capital pouring into exchanges, implying that individuals are looking to cash out.

Interestingly, LINK could benefit from Dave Portnoy – founder of Barstool Sports. This week, Portnoy bought Bitcoin and LINK with the help of the Winklevoss twins from the Gemini exchange.

Since buying $ 200,000 BTC and $ 50,000 in LINK, he’s continuously promoting both properties. On August 15, Portnoy called for that Chainlink pricing will go-to-the-moon. The tweet has since garnered thousands of likes and replies because many agreed with Portnoy’s prediction.

The Chainlink developers recorded the most “commits” of the past 12 months

This activity underlines LINK’s strong performance in 2020, with numerous partnerships between different companies and receiving praise from international organizations, such as the World Economic Forum (WEF).

According to data on the Github software hosting platform and the Github site of Chainlink, the project currently has a total of 11,588 code commits – changes/additions made to the source code. There are over 54 contributors, while the Go programming language accounts for 50% of the code.

At the time of writing, there are 16 open issues that the developers are currently working on and two open-source projects. High developer activity implies that the project is “alive” and well maintained.

Currently, Chainlink is active and thriving. Among them, its oracle solution is well supporting decentralized exchanges, blockchain game platforms, digital identity service, etc.

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