ChainLink Price has surged around 15% today outperforming the majority of top coins and taking the RSI (Relative Strength Index) way above 70 points.
The bulls had been comfortably trading in a daily uptrend and they clearly came back stronger than ever with a lot of trading volume.
Looking at the VPVR indicator, we can see that the area between $2.6-$2.9 was under heavy selling pressure. Traders were looking to break above $2.948 which was the clear resistance. There is basically no resistance to the upside now until the last high at $4.58.
ChainLink Price Forecast Short-Term: Bullish
You don’t need to be a technical analyst or a trader to see that ChainLink is bullish in the short-term. ChainLink price is currently at $3.3 on Binance.
Clearly, the daily chart is in a big uptrend. Similarly, the 4-hour chart has been in an uptrend for some time too, although we have seen periods of times when this uptrend was lost without causing the daily uptrend to be broken.
The 4-hour chart has now formed a pretty steep bull flag looking for a break already. The MACD has shifted bullishly big time and the RSI remains overextended, although this indicator can get overextended for long periods of time.
ChainLink Price Forecast Long-Term: Bullish
In our last ChainLink analysis, we were discussing the possibility of a weekly equilibrium pattern after the digital asset formed a lower high and a higher low, however, the bulls managed to blast through the lower high, confirming a weekly uptrend.
At the same time, this also confirmed a monthly uptrend which means that ChainLink has set uptrends on all time frames.
It’s not entirely clear what impulsed ChainLink to the current price. Etherisc, a blockchain-based flight insurance company has recently announced the integration of ChainLink oracles. While this is certainly exciting, it seems not enough for such a price movement magnitude.
What has ChainLink Been Up To?
The digital asset and blockchain platform has set a mould for future standard protocols as it is becoming one of the most popular ones. ICON, for instance, has recently adopted the Oracle technology provided by ChainLink.
ChainLink has 25 oracle price feeds currently running on Ethereum. The digital asset has been one of the best-performing assets in 2020, even better than Bitcoin.
According to GlassNode on Twitter, the demand for ChainLink’s oracle is on the rise.
#Chainlink oracle usage is on the rise.
Since May, an ETH/USD reference data contract has sent 330,000+ transactions of 0.333 $LINK to various oracle addresses.
At around 5k a day, this represents over 80% of daily transfers.https://t.co/bI55ycrgar pic.twitter.com/qiDdbxOa5n
It seems that ChainLink has a bright future ahead and the price is clearly reflecting that.
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