ChainLink (LINK) Price Prediction 2019 – This Could be The Year of The Oracle (Early May Update)

Early May Update: Technicals

LINKBTC daily chart finally showed some signs of life and Link has gained some ground, both on bitcoin and USD. However, the chart still looks rather unfavorable for the bulls. Link is right now sitting at 9874 satoshis with a slightly better volume which indicates that this could be a tepid start of a bullish reversal.

Ever since it dropped below the ascending trendline, this support turned into resistance at around 10k sats and LINK will have to barrel through it to continue the longer bullish trend it embarked on back in July 2018. Only once LINK pierces back up through this black ascending line, we can call it bull period for Chainlink again.

Link has completely outperformed bitcoin in the last 7 days, being up 13%. It is up 28% on USD as well.

On the other hand, Link has a weak trading volume that is also misreported and inflated by 1.9x – real volume is $10.1M and reported is $19.4 million in the last 24 hours. That is not too big of a overstatement for the crypto market, but both figures are very low considering that its neighboring coins in the market cap rankings, have at least double of its volume.

Moreover, LINK has a somewhat strong buy support, according to Buy support is measuring sum of buy orders at 10% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. LINK currently has a $381k of buy orders measured with this method, which sets LINK buy support/market cap ratio at 0.23%, a wide-market below average value. Bitcoin and Ethereum have a 0.27% and 0.28% ratios, respectively. This novel metric indicates there are a lot of manipulations, inflated liquidity and fake orders on all…

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