So far, ChainLink has been performing really well with a significant increase in the average trading volume on Binance. The digital asset has been able to see a 74% price increase over the last 26 days and the bullish trend continues.
The daily chart is still in a strong uptrend even though the RSI (Relative Strength Index) has been overextended for a while. The bulls are trading comfortably at $2.82 with the nearest support at $2.363. They have a lot of space to work with and are not concerned right now.
ChainLink Price Forecast Short-Term: Bullish
Clearly, the short-term of ChainLink is extremely bullish as all time frames are in uptrends. The bears might be able to see some action within the next few days but that’s only going to cool off the RSI and MACD levels, allowing the bulls to continue with the current uptrend.
The 4-hour chart is similar to the daily chart and the bulls are looking at the 26-period EMA as the nearest support. They have been able to hold this support several times.
This support, however, is not crucial and the bulls can actually afford to lose it. The RSI has cooled off a little bit here and it’s currently at 58 points.
The hourly chart has confirmed a downtrend and the bulls are looking for a shift in momentum although we might need to see further downside before the bulls can return.
ChainLink Price Forecast Long-Term: Bullish
If we look at the weekly chart, ChainLink is clearly trying to confirm an uptrend and the bulls are really close to the high of $3.16. If they can break above it, they will confirm a weekly uptrend. In any case, the bulls can set an Equilibrium pattern with a lower high which is still fine.
Link is currently trading above the 12 and 26-period EMAs which have been bullish since the beginning on Binance.
The monthly chart at this point is still a bull flag on Binance and it’s looking for a break within the next few weeks if the bulls can continue with the current momentum.
ChainLink Has Been Outperforming Bitcoin
The LINK/BTC chart clearly shows that the digital asset has been outperforming Bitcoin since the beginning of 2020.
LINK was trading as low as 0.000242 BTC on January 6 and peaked at 0.00031949 BTC on January 17.
ChainLink has confirmed a daily uptrend against Bitcoin and continues to perform well. It is now close to the high again and it might easily break above it if the bulls keep up the momentum.
It’s interesting to note that the weekly chart has been in an uptrend for quite some time. In fact, ChainLink has been outperforming Bitcoin since July 2018 when it was trading as low as 0.00002667 BTC.
ChainLink Bulls are now looking to break above 0.0003665 BTC and continue with the weekly uptrend against Bitcoin.
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