The Chainlink price is a tight range today as the rest of the digital currencies continue to rise. The LINK is trading at $14.5690, which is substantially higher than this week’s low of $12.4388. Other altcoins are rallying, with Ethereum, Litecoin, Cardano, and Stellar prices soaring by more than 2%. Bitcoin has itself moved above $35,000 for the first time on record.
What happened: For starters, Chainlink is the tenth-largest digital currencies in the world with a market cap of more than $5.78 billion. Chainlink helps to connect smart contracts to the outside world and is used by other digital platforms like AAVE, Synthetix, and Ampleforth, among others.
In recent months, Chainlink price has done well. In fact, it has increased by more than 650% in the past 12 months. It has risen by more than 200% in the past six months. This has happened in line with the performance of other currencies.
On the daily chart, we see that the LINK/USD pair has been on a relatively sharp upward trend. This has seen the currency move above the 38.6% Fibonacci retracement level and the 25-day and 50-day exponential moving averages. Also, the price has moved back to the ascending channel that’s shown in black.
Therefore, in my view, Chainlink price will likely continue rising as bulls aim for the next resistance at $16.38, which is the highest point on November 24th. It is also along the upper side of the rising channel.
