ChainLink Market Update: LINK/USD goes up by 17% over the last five days as bulls aim for all-time high

• LINK/USD bulls have stayed in control of the market for five straight days.
• LINK/USD all-time high lies at $4.95, as per CoinMarketCap.
• ChainLink recently finalized its partnership with China’s national Blockchain Services Network (BSN).

LINK/USD daily chart

LINK/USD has gone up from $4.10 to $4.83 over the last five days, as the bulls aim for the all-time high at $4.95. The price has healthy support at $4.70, $4.485, SMA 20 and SMA 50. LINK/USD has jumped above the 20-day Bollinger Band, while both the RSI and William’s %R have peeked into the overbought zone. These three factors show that the price is currently overvalued and will face bearish correction soon.

Why is the price going up?

ChainLink is a decentralized oracle network that’s built on the Ethereum protocol. Its purpose is to connect different smart contracts across blockchain platforms and encourage interoperability. They recently partnered with China’s national Blockchain Services Network (BSN) to help them process off-chain data.

ChainLink said about the partnership:

China’s national Blockchain Services Network (BSN) is integrating Chainlink as the preferred oracle network to provide BSN systems access to off-chain data. As part of this collaboration, IRIS Network and SNZ Holding will also contribute technical integration support.

Following this announcement, there was a noticeable intraday increase in LINK/USD’s price.