(REPOST) [LINK/USDT Buy] - Crypto Academy / S6T4- Team Trading Contest Post for Reminane

Hi Professor @reminiscence01, Here is the result of my second Trade of the Week.

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1. The name and introduction of the project token, which exchanges it can be traded on, project / technical information of the coin/ team background, etc.

LINK is the native token of one of the most revolutionary blockchain projects, Chainlink. Chainlink is an Oracle Blockchain, which is responsible for interconnecting other blockchains with the external world.

Blockchains function as closed ecosystems but need certain external data to execute smart contracts, such as election results, sporting events, weather, sales of a product, the passage of a product through a supply chain, etc.

In fact, this Chainlink is able to interconnect the traditional centralized wed with the decentralized Blockchain, functioning as a bridge. Regarding the LINK token, this is an ERC20 token that works on the Ethereum network, used as an incentive and payment to the nodes that validate the transaction information.

Chainlink was founded by Sergey Nazarov and Steve Ellis in 2017, in which it raised a total of $32 million in its ICO.

Regarding its exchange, LINK can be found on major centralized exchanges such as Binance, Coinbase, FTX, Huobi, Kucoin, and Bybit.

2. Why you are optimistic about this token today, and how long do you u wish it can rise.

LINK Currently has a Market value ranging around USD 17, with a market capitalization of USD 7.9 billion and a daily volume of approximately USD 768 million.

It ranks 23th in the Coinmarket cap cryptocurrency ranking and has a maximum supply of 1 Billion LINK, of which only 467 million are in circulation.

What makes me optimistic about LINK is that literally, the entire DeFi sector is its customer, or, in other words, the entire DeFi sector needs oracle blockchains like Chainlink. This makes its market niche and possibilities immense since as we know the DeFi sector is one of the fastest-growing in terms of Cryptocurrencies.

In fact, Chainlink has alliances with well-known platforms such as Coingeko, Binance, Healthtrends, Huobi, Kraken which receive certain rewards for exchanging information with Chainlink.

Further down the road not only the DeFi sector could benefit from Chainlink, but also the video game sector and the healthcare industry sector.

Regarding the price, it is difficult to know, but in the first instance, we could see LINK recover its historically high value of 53 USD, which would represent an X3 growth compared to the current price.

3. Technical Analysis

For this part I will analyze my purchase of LINK on the Binance Exchange, using the LINK/USDT pair. For my analysis, I will use knowledge of chartism and price action, along with Fibonacci tools.

First, I observe a bullish momentum followed by a corrective flag movement, which is about to break the structure.

I say it is about to because although it has already broken, the price is actually expected to perform a retest of the upper trend line.

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Since the flag is bearish, I am waiting for the uptrend to resume and will therefore look for a buy, which in theory should be taken together at the retest point.

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I then use the Fibonacci Extension to determine how high the next impulse might go. This measurement will help me determine a possible take profit point.

I choose as take profit the 100% fibonacci level.

As you can see, the price is at an expected optimal point, so I head to my Binance account to make the Spot purchase on the LINK/USDT pair.

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The purchase is made at market price (17.27 USDT) for a total amount of 10 USDT representing 0.57 LINK.

Here we can see the total amount of LINK in my wallet which amounts to 2.57 LINK. I have another 2 LINK since last year, as I have been following this coin since 2021.

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4. Your plan to hold it for a long time or when to sell.

This trade is different from the rest that I have made these two weeks, as it is a Spot purchase that I plan to hold for as long as necessary until it reaches the expected Profit level.

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First of all, my take profit level is 17.50 USDT, which was the level determined by the Fibonacci extension.

The stop loss we could say is almost symbolic because as I mentioned my plan is to HODL as long as necessary. However, for the purposes of this post, a good stop loss can be slightly below the start of the previous upward impulse, because by Elliot's wave theory knowledge, a retracement (in this case the flag) can never go beyond the start of the previous impulse.

As you can see, the trade seems to be going well so far, respecting the retest.

In addition, another reason for choosing this take profit point is that it also coincides with a key resistance level that has pulled the price back a day ago.

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So first of all as I said this level will work as an exit of the short-term trade and for the purpose of this post and this week's contest. In which case the gain will be 2.3 USDT

However, outside of this post, I would recommend holding the LINK much longer.

5. Do you recommend everyone to buy this token? Give reasons for your answer.

Of course, I do, in fact, I think this is the best time to get it, I base this on two reasons.

First, Chainlink is a solid Project, which solves a real problem with real solutions such as interoperability and information exchange between blockchains for smart contract activation

This is a technology that has dozens of applications, and as more traditional companies join the blockchain, oracles like Chainlink will become more and more necessary.

Second, I think Chainlink has been an underrated project that has not been given the recognition it deserves. This in part is good for us, as it makes the price well below what it deserves.

Therefore, I believe that the price of LINK is on sale and that we should take advantage of buying during this accumulation period.

With respect to risk, like all projects, Chainlink also has a margin of risk, so I recommend carefully selecting the amount to invest. However, I consider LINK a good token to invest in the short, medium, and long term.

6. Any other thing you might want to share about this coin/token.

As I mentioned before Chainlink is able to connect to any Smart contract of any Blockchain, which makes it one of the first choices for any project that operates with the need to collect external data.

Some of its partners are AAVE, Synthetix (which depends on the price of real assets such as oil, gas, gold, etc.), Pancakeswap, Arbol, Compound, ENS, Nexus, flexa, liquity, among others.

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Generally speaking, this is the way Chainlink works and connects data from the centralized internet to Blockchains.

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As we can see, Chainlink's network takes scattered data from all over the network, about real-world data and events (from different sources) and translates it into decentralized blockchain language and smart contracts.