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Chainlink (LINK/USD) price has joined the overall cryptocurrency recovery. LINK, its native token, has risen by 6.2% in the past 24 hours. It is trading at $16.85, which is the highest it has been since February 11th, bringing its total market capitalization to more than $7.7 billion. 

Chainlink is a leading blockchain platform that is used widely by other networks. Its role is a bit simple in the industry. It runs hybrid oracles that enable developers to link offline data to the on-chain networks. 

For example, Decentralized Finance (DEFI) platforms like Uniswap and Aave use Chainlink to offer price feeds in their networks. Developers building apps with a weather element can use its oracles to link weather from the Weather Channel. Similarly, sports developers can use off-chain data to their apps.

Chainlink also offers other services that are mostly used by developers. For example, it offers services like verifiable random number generators, which are essential in areas like gaming and NFTs. 

Its most recent product is known as Keepers and it allows the automation of smart contracts. It is currently widely used by platforms like Synthetix and Barnbridge.

Other products offered by Chainlink are Proof of Reserve and Cross-Chain Bridging, which enables multiple chains to work together.

Chainlink price is rising as investors cheer the overall growth of its total value secured (TVS). According to DeFi Llama, it has a TVS of more than $54 billion, making it the biggest oracle network in the world by far. It is followed by Maker, Internal, and Band.

Therefore, analysts believe that the LINK price will keep growing because of the strong moat in its industry. Also, it will maintain its relevance because it will continue being used by the biggest blockchain platforms.

The four-hour chart shows that the LINK price found a strong support at $13.67 in January. Since then, the coin has been attempting to rebound as investors cheer the growth of its ecosystem. It has moved slightly above the 25-day and 50-day moving averages while the Stochastic Oscillator has moved to the overbought level. 

Therefore, there is a likelihood that the Chainlink price will continue rising in the coming days as bulls target the next key resistance level at 18.00. This view will be invalid if the coin moves below the support at $16.00.

The post Chainlink price analysis: is it safe to buy LINK? appeared first on Invezz.

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