chainlink coin oppositeChainlink $LINK: Are There Hidden BULLISH Signs Underneath its BORING Price Action?

Will Cardano Reach $100? Thoughts, Prediction, and Analysis With a current circulating supply of 33.7 billion ADA tokens, a price of $100 would send Cardano’s market cap to more than $3 trillion. To put that in perspective, this is more Who Founded Ethereum?CoinMarketCap Who Are the Co-founders of Ethereum? At the early stage of development, Vitalik Buterin onboarded top developers and entrepreneurs to steer the formative stage of Ethereum. chainlink coin opposite Chainlink $LINK: Are There Hidden BULLISH Signs Underneath its BORING Price Action?
chainlink coin opposite Is NEAR Protocol an Ethereum-killer?... Chainlink $LINK: Are There Hidden BULLISH Signs Underneath its BORING Price Action?
hey everyone welcome back to upside down data today I want to talk a bit about chain link how we can interpret its recent price action and what it might tell us about where link is going next so if youve been following link you know congratulations for sticking around so long because link has really done a whole lot of nothing almost for a whole year really ever since May of 2022 linkage has just been going sideways kind of in this range so some volatility but really just not doing anything not picking a Direction and this is in some ways quite impressive because link has kind of maintained this Behavior even during some pretty bleak times in the market you know during the FTX collapse right around here most assets or a lot of other assets went in and set new lows at that point you know Bitcoin did a number of other assets did as well link didnt it kind of held its range and then you know it kind of came down here and just back in December beginning of 2012 23 but then you know kind of has now gone back up to the middle of that range so its kind of notable that link has been able to do this even while the rest of the market or a lot of the rest of the market has actually set new lows during that full time but what can we make of this what should we what can we interpret from this Behavior over this rule almost an entire year of sideways action you know beyond just saying that link has been doing nothing is there more that we can get out of it so I want to do is flip over to our website this is a site that weve launched in collaboration with Jay over at Daily crypto analysis Ill leave a link to his channel in the description highly recommend you go check it out and on this site we have live data from all the different models that we have here at upside down data so youve been following our Channel these will be recognizable you know the the udpi ups and downs and potential indicators are risk models momentum bias indicator Romence indicator and the trend confidence and marketing Direction classifier models which are uh Trend models that we have here and so this is the dashboard Im showing you here it says live feeds from all the different models for all the different assets that we currently track and we can see the chain link is one of them so lets go ahead and talk about some of these models and see what theyre thinking about what Links doing right now and how we might be able to extrapolate a bit from them to see but where we might possibly think link is going next so the first thing I want to do is just talk about our upside downside potential indicator udpi indicators so these if youre not familiar quantifying risk in the market and we have ones for different time frames so show you here the short-term udpi which cares what moves that play out over days to weeks so much shorter in its time preference so thats whats showing up here in the teal and then white is the link price across time and in this time over here one of the things that youll actually note is that the the local tops and local bottoms that link has been forming have actually been relatively predictable based on what the short-term udpi has been doing really if youre getting down below negative three or much down below negative three those times more or less tend to coincide with local Bottoms in the market you can just go back and look for yourself when youre down and around that level on the short-term udpi if youre link thats generally speaking coincided with local bottoms throughout this range and then local tops are kind of up here around the negative one level you know local top here going up to local top here local top here local top here local top here and then you know more or less the local topic that we then did bounce here as well and so thats an indication one thing we might expect is that if were going to continue on in this range if link is going to continue in this range we might expect the short-term udpi to track back down closer to negative three before we find a local bottom here for maybe able to bounce back to the upside and then again you might look for resistance up at the same level thats assuming that this range will hold and you know really the longer that we are and the more times that we test the upper side of the range or the Lower Side of the range the more like we are probably to break it you know resistance becomes weaker every time you test it and support becomes weaker every time you test it as well so I think its a matter of time before we break out of this but if you make the kind of strong assumption that this range will hold thats just one of the things I noticed I wanted to bring to mention here is that you can actually kind of identify those points relatively consistently with how the short-term read API is behaving and notably with this local top that weve seen back here you know just this year if we go look that was happening before we were anywhere close to the top of the range but we definitely caught resistance and gotten rejected back down so again the udpi short-term udpr can give us insights beyond what we can just see on a price chart which is why models like this I think are very useful because they can give you insights about where likely over extension points are likely to be hitting that might be hidden to you if youre just looking at a price chart or looking at you know are you at the top of the range or not we didnt even get close to the top of the range but it seems like weve been getting at least so far rejected and we might actually go back down and have to test some of these lower levels so thats again making that strong assumption that this range will continue no guarantee of that we could catch support and be able to actually break up to the upside at some point but just like I wanted to point out that I thought was interesting looking at Links price action now lets hop over to the long-term udpis this case what moves a player over months to multiple months much longer term as time Horizons not really worrying about that short-term volatility like this short-term udpi is and so we can see here is that the long-term Epi really bottomed out more recently for a link right around here into that capitulation down in May of 2022 when we actually did see at least the local low for link and then you know we kind of bottomed out there we kind of moved back up came down through here and were moving back up again and the way that I would interpret this current level is that the model thinks that theres more room to the upside and downside long term for link but its pricing in the possibility of more downside and especially the possibility that we could potentially break down below this range you know sitting up here at negative 1.35 theres a lot of room before we get back down to negative negative eight or 4.8 rather or whatever the low is down here which just basically is telling me the model is thinking that downside below that range could be in the offing potentially its again more biased in the bullish side it still thinks theres more upside and downside potential is realistic but its not discounting the possibility of a further breakdown whereas down here it was really think that thinking that this was about as far as we could you know realistically or plausibly go in the short term unless things really deviated from historical standards so you know unless link really broke from his historical precedent or everything the model knows about link from the past this was likely to be a local bottom which it ended up being now its less sure that that is necessarily going to hold should we go back down there and test it so thats something we have to keep in mind I think really link is going to be at the mercy of broader market conditions I think if broader market conditions get really bearish then a breakdown to the downside is in the cards but if things become bullish or remain bullish or if the stock market can resume this rally you know push back to the upside from here maybe a breakout above the range is actually potentially in the cards and so you can look at that actually gives us maybe some more information about whether or not thats likely you know about breakdown of The Upside or downside is look at our momentum bias indicator or MBI this is a model I talked about a bunch so basically its quantifying the prevailing momentum in the market so being above zero is positive momentum bias thats when momentum the upside is really overriding momentum to the downside and tends to be coincide with these times when price really shoots to the upside and the opposite for negative momentum bias thats when downside momentums really prevailing overwhelming any any attempts at upside momentum and thats really kind of a bear Market Behavior you know these you know what youll generally see in Bear markets is deep red attempts to re-establish possible momentum device that fail deeper red the tent that drawing price down even further attemptory establish positive momentum rejection again drag price down further now whats notable about link I think link is showing a very interesting Behavior here which is also being reflected more and more by other assets but link has been showing this actually earlier than a number of other assets if youll notice that now its been kind of more or less oscillating around zero that kind of it goes above it goes back down comes back up goes down up down youll have this oscillation around zero and Ive talked about this in the past as being often a signature of accumulation which hasnt happened between bull or bearish phases and then the transition into bullish phases and we can see that for example here bull phase kind of oscillated around zero bull phase again now link didnt really ever have except for I guess you could argue back here you know maybe this is a better analogy we had more of a bearish phase where we kind of more time in the red than the green then we start oscillating around zero and it really shocked to the upside link actually hasnt except for this framework it hasnt a whole had a whole lot of extreme bear markets I would argue that this one has been more extreme than we saw back here certainly in terms of time how long it it has taken but if you look at other assets like Bitcoin ethereum Etc but youll see over and over again is this Behavior where youre in a bear Market thats categorized by this exact Behavior were seeing for a link here that then transitions into this kind of behavior on the MBI this accumulation Zone were oscillating around zero in the MBI where price is kind of either going sideways maybe a little down maybe a little up then that will oftentimes lead into these big bullish moves and so if historical Trends continue what that might mean is that link is in this protracted accumulation Zone that might be setting the stage for a bullish move to the upside and so I think thats where if we see a positive impulse elsewhere in the market that could be the final straw to break the camels back and really help link Propel itself above this long boring accumulation Zone that weve been in for almost an entire year now which might then finally give link folks what theyve been waiting for for so long and thats for link to do something exciting its been so long you know link has just been more or less been kind of unimpressive you know even in the rally out of the summer of 21 it wasnt able to set a new all-time high it really lagged behind a lot of other assets I think a lot of Link fans are really waiting for when is that moment like we saw back through here where link was really outperforming a lot of the rest of the market I think this is the kind of behavior like the seeds for that to be in the cards without to be a possibility that you can actually give some amount of of probability to you and say this is actually something that seems plausible so of course you have to always contextualize it and say that you know the probability of that is not a hundred percent and you know in my opinion the probability thats really tied to the probability of the stock market being able to you know rally further from here instead of just getting rejected to the downside but certainly this is a point for the Bulls in my opinion that if youre just seeing this kind of behavior again thats not a good sign and that means that youre still very much in a bear market and you should be you know not really all that optimistic with this kind of behavior it really opens the door and what weve seen time and time again is this kind of behavior has preceded bullish moves now if we do see that does that mean that link just clears on to all-time highs in my opinion no I think thats unlikely for us just go straight from this kind of range to new all-time Highs but what it could mean is that we actually are able to move up and test some of these prior levels you know getting back into the 20 range maybe or you know or the upper teens for example for finding some resistance and maybe having to try to consolidate hopefully at a higher level but this is something that Id keep an eye on that this oscillation around zero tends to happen in those Transitions and so you know if we think that history has any bearing on the future I think this thing you dont want to ignore so its not the only data point you should look at but I think you should be paying attention to this and I think the fact that link has already shown its ability to hold the range even in the face of something as catastrophic as the FTX collapse chose some relative strength here where theres demand thats stepping in and what we might eventually get to the longer were in this range is a point where the sellers have become exhausted no one else wants to sell in this range and then you have the demand take over move things to the upside and so thats where Im cautiously optimistic with link that barring negative kind of catastrophes in the broader markets I think in my opinion you know I look at this as being more of a bullish time for link than bearish again Im not assigning 100 probability by any means to that but I think that the probability favors link to the upside more so than the downside and thats backed up by things like for example the udpi having a bullish long-term outlook on link um in the longer term the stage might be getting set more or less and of course the other thing about link thats kind of in some ways nicer sets it apart from a lot of other assets is it has a big what you might call a moat or thats a term thats often used in the traditional markets but this idea that it kind of has an important fundamental contributor to the broader crypto Market or web three you know it is the Oracle that provides Oracle services to the vast vast vast majority of web3 applications and so they give some fundamental value there and also it is leagues of head is Leaps and Bounds ahead of its nearest competitor so what Ive actually done over here is Ive gone to the old coin all coins cab on our dashboard which just lets you see all of the I think its the top 250 that were currently have data for and we have a really nice feature we have is this categories drop down over here and one of the things you can select is Oracles what are the different assets to fall under the Oracle category and we can see is that link is by far the largest Oracle in the crypto space right now its at 3.4 billion market cap the nearest competitor is at 224 million um dollars way way behind in terms of market capitalization way smaller and the ecosystems that they encapsulate are smaller as well so talk about ecosystem you just go to the channeling website you can see the massive massive massive number of different protocols that chain link is the Oracle service to and the reason I bring this up is that in some ways some of this stuff if youre bullish long-term web3 if you think web3 has more growth to have than a scene in the past that you know 2021 wasnt the all-time high for web 3. then it seems unlikely to me that web3 can succeed in a master degree and not also have link uh succeed to a decent degree so far you know assuming that you know link doesnt get supplanted by some other competitor as long as that Dynamic stays intact it just seems like link is going to grow or Shrink along with web3 as well and so even though Im seeing some signs for some you know bullish price action here even if we did break down further that doesnt really change the fundamental value of Link in my opinion really you know the question youd be asking more is is web 3 something thats not going to actually become when it could become and if but if your main bullets in web 3 you know in my opinion being bullish on link also makes a lot of sense so now Financial advice of course you should be making your own opinions on how to Value link its fundamentals where you think this price is going to go all those types of things I do just think that the fundamental kind of value that link has and somebody sets it apart from a lot of other all coins and can give a little bit more you know not security you know nothing safe in crypto everythings risky but just the thought that its its probably less likely to go straight to zero as some other assets that have way less adoption and actual usage um and theres some assets that you know might be ahead of link right now in market cap that have less fundamental value than it has as well so thats one of the things that kind of sets it apart and so I know a lot of people have been frustrated with link that hasnt done a lot and certainly this last year so absolutely nothing basically just chopped around sideways but I think in the long long term View its hard not to have some optimism or a link now again not Financial advice is my opinion and I think you should have yet value the data for yourself and make your own opinions but thats just one of the things that Im looking at so to summarize what weve talked about here I think that link you know so until it breaks out of this range you know its its probably going to be range down until further notice but when we look under the hood especially at things like whats going on with its momentum theres some bullish signs I think that might suggest that link is you know even though its taking a sweet time about it maybe gearing up for some positive movement a hypothesis we should watch for sure all right if you like the content or subscribe to the channel give the video I can follow us on Twitter a lot of updates about indicators and more over there and go check us out at our website we have tons of data here and while were in our current kind of beta phase for the site its completely free to access Crypto appears to be at a crossroad. Will the rally continue or has it stalled? What does it mean long-term? We look at our models to answer these questions. Our website,, is now LIVE! Check it out and let us know what you think! Its completely free to access during this beta phase. Polarity Digital website link: This site is made in collaboration with Jay from Daily Crypto Analysis. Definitely go check out his channel if you havent already: Disclaimer: None of the information presented in this video is financial advice. The information presented is for educational and entertainment purposes only. Email us at: Twitter: