Chainlink Rises 9.45% in 24 Hrs, Crosses $1 Billion Market Cap

November 14th, 2019

LINK prices are up by 8.46  in 24 hours. Chainlink (LINK) opened the day trading at $2.81 on the 13th of November and is trading at $3.07, at press time.

LINK’s Market Cap Crosses $1 Billion

LINK’s market cap has also made a significant move in the past 24 hours. It has reached $1.05 Billion from $ 986.23 MM in one day. The latter’s market cap has been noting gradual rises since the 1st of November.

Chainlink Rises 9.45% in 24 Hrs, Crosses $1 Billion Market Cap
Source- CoinMarketCap

While Bitcoin wades through tough waters, LINK price for the past two weeks has shown positive price trends. The previous month on the 14th of October, LINK was trading at $2.51. This signifies a price rise of 19% in a span of one month. LINK shows immediate support at $2.91 and a bullish cycle is predicted if it manages to break resistance at $3.20.

On the 9th of November, LINK saw a price rise of 5% and 3% against BTC and its USD pair. If the LINK price continues to show a steady price rise, there are signs of a bullish breakout before the end of the year.

Technical Indicators

Chainlink Rises 9.45% in 24 Hrs, Crosses $1 Billion Market Cap
Source- Trading View

Relative Strength Index (14)- 70.33208
Stochastic %K (14, 3, 3)- 84.19773
Commodity Channel Index (20)- 265.26536
Average Directional Index (14)- 40.51920
Exponential Moving Average (5)- 2.91693
Simple Moving Average (5)- 2.87976

Recent Developments on Chainlink Platform

On November 7th, Flyingcarpet announced in a blog post, that it will work with Chainlink to provide decentralized, cryptographically-verifiable carbon offsets generated via absorption of CO2 from deforestation.

The blog post mentions,

Instead of relying on a single, centralized oracle, via Chainlink insights can be piped on-chain via a larger set of node operators. Thus, enabling distributed applications to gain access to off-chain data in a decentralized and trustworthy manner.

Also, recently Chainlink announced that Prophet, a group of blockchain enthusiasts and early adopters is all set to become a Chainlink Node Operator. The latter will help in connecting off-chain data feeds and web APIs with smart contracts.

For the same, the group has joined the Chainlink ETH/USD price aggregator — a contract that provides a precise Ether price based on 18 different independent data sources.