The Chainlink price has recently been in a slow upward trend as its role in the blockchain industry strengthens. The LINK price has jumped to a high of $17.70, which is the highest it has been since February 10 this year. This price is about 55% above the lowest level this year, bringing its total market cap to more than $8.3 billion.
Chainlink is one of the most useful blockchain projects, even though most people don’t interact with it directly. Instead, most of them use it in indirect methods, especially when they use decentralized finance (DeFi) tools like Anchor Protocol, AAVE, Compound, Abracadabra, and Frax, among others. It help to ensure that this industry works well.
Chainlink is the market leader in an industry known as smart oracles. Oracles are projects that help to connect external data to on-chain protocols. For example, DeFi projects like Anchor and Uniswap use their oracles to provide accurate prices of other tokens. It can also be used to provide data in other industries like weather and sports.
According to DeFi Llama, Chainlink has a total value secured (TVS) of about $59 billion. This makes it sharply higher than other oracles like Maker, WINKLink, TWAP, and Band. Moreover, this trend is set to continue considering that the platform is gaining more adoption. For example, recently, its keeper’s product became compatible with Polygonand Binance Smart Chain.
The LINK price has been in an upward trend lately. Along the way, the coin has moved to the 38.2% Fibonacci retracement level. It has also moved above the 25-day and 50-day moving averages. Further, the coin is above the green ascending trendline and the important support level at $15.83. This price was the highest point on March 2.
Therefore, the Chainlink price will likely maintain a bullish trend as bulls target the 50% Fibonacci retracement level at $20. This view will be invalidated if the coin moves below $15.83.
This post was last modified on Apr 04, 2022, 12:39 BST 12:39