The Chainlink price has held steady in the past few days even as other cryptocurrencies have sold off. The LINK price is trading at $27.96, which was about 82% above the lowest level in December. It has a market capitalization of over $13 billion, making it the 16th biggest cryptocurrency in the world.
Chainlink is a leading blockchain platform that helps developers connect off-chain data to their platforms. In the past few months, many companies have embraced the hybrid oracles provided by the network.
For example, in December, AccuWeather announced that it will use Chainlink’s technology for some of its crop insurance services. Other blockchain platforms like NEAR, Terra, and Solana have also embraced Chainlink’s technology. It now has more than 1,000 projects in its ecosystem, including the 12 biggest chains like Ethereum, Avalanche, and Polygon.
The most recent app to embrace Chainlink is Lido, one of the biggest decentralized finance (DEFI) platforms in the world. As the industry does well this year, analysts believe that Chainlink will be a major beneficiary.
The daily chart shows that the LINK price has been in a strong bullish trend in the past few days and is trading at the highest level since November 25th. A closer look at the chart shows that the 25-day and 50-day moving averages have made a bullish crossover pattern while the Relative Strength Index (RSI) has moved close to the overbought level.
Therefore, the path of the least resistance for the coin is in the upside, with the next key level to watch being at $35, which is about 26% above the current price. This is in line with my previous estimate of Chainlink.
On the flip side, a move below the support at $25 will invalidate this view.
This post was last modified on Jan 10, 2022, 05:30 GMT 05:30