The great rise of Chainlink (LINK) led it to become one of the cryptocurrencies with the best performance in 2020, today reaching a new all-time high.
The popularity that it has been adding is undoubtedly caused by the oracles that can be executed in its chain, as a complement to the famous smart contracts.
The recent bullish escape is attributed to the Chainlink news, announcing its partnership with the Provide Technologies platform, thereby integrating Chainlink’s oracle services, into the Provide API.
In the statement they assure that with this union, Chainlink will continue to strengthen its position as a leading provider of oracles for smart contacts.
Daniel Kochis, head of business development for Chainlink, expressed his enthusiasm with this new step to accelerate the adoption of oracles. He also added Chainlink’s effort to position itself as the standard oracle solution, in the blockchain ecosystem and business sector.
In this chain, companies are allowed to obtain data from Chainlink, run a node and pay for services used with traditional methods.
Since the association’s announcement until the time of this writing, the LINK token has increased in price by 14%.
If we talk about annual earnings, it already exceeds 400%.
Is there nothing stopping the rise of Chainlink?
To discover this unknown, carrying out a technical analysis of its price is a good option.
Therefore, below we review the LINK vs. USDT, where we identify its trend and possible way forward in the coming days.
Long and medium term trend
With the constant search for historical highs, it is more than clear that the long-term trend is totally bullish.
Today Chainlink is positioned as the ninth largest cryptocurrency in the ecosystem, thanks to a capitalization exceeding $ 3.3 billion, and a unit price of $ 9.51.
With this current price, the ROI (Return on Investment) that it has shown is a surprising 5,977% for initial investors who still keep currencies intact.
In the medium term, it is evident that with the recent search for new maximum prices, the trend is also bullish.
The 8-week EMA and 18-week SMA moving averages have been following this direction. And after the quote’s recent attempt to pull back, the EMA of 8 worked as a dynamic support.
Again, we observe how the trend is always what has the greatest strength.
A recently formed weekly resistance at USDT 8.07 was no problem as the bulls resumed the previous direction as they traversed it.
Today from the weekly time frame we do not see a valid setback, but there is also no sign that it may start soon, as the recent attempt was totally invalidated.
As LINK is looking for new all-time highs, there is no level of supply that can slow down the price, so effectively, the moon is the limit.
However, no momentum is everlasting, and at any moment we may begin to see a major pullback.
From the daily chart of the LINK vs. token The USDT clearly observed the recovery of control by the bulls.
Although we began to see a short-term downtrend 2 weeks ago, the demand collected in the area around USD 7 was enough for buyers to regain control.
After the break, retracement and continuation above USDT 7.67, we can confirm that the short-term trend is again bullish.
What do you think of Chainlink’s rise? Are you close to falling or do you still have a long bullish way to go? Let us know your opinion in the comments!
All our publications are informative in nature, so they should not be accepted as investment advice under any circumstances.