Chainlink adoption compounds with Glitch Finance and Lever, as LINK price prepares for 22% lift-off
- Chainlink adoption is on a constant uptick with new projects on-boarding its oracle solutions.
- Recently, Glitch Finance and Lever have integrated Chainlink Price Feeds to accelerate development.
- LINK price is has dipped below crucial levels and shows signs of recuperating losses with a 22% upswing to $21.65.
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Chainlink fuels most of the DeFi projects with its reliable and accurate price data. Glitch Finance and Lever are two recent additions that will leverage its oracle solutions. While the former focuses on improving the DeFi landscape and dApps, the latter will use it to secure its lending and margin trading platform.
On the other hand, LINK price looks to retest swing highs after the recent sell-off.
Chainlink Price Feeds receive two new users
Glitch Finance, a blockchain-agnostic protocol, announced its integration with Chainlink Price Feeds to accelerate the development of ‘fully interoperable DeFi applications and secure decentralized governance model.’
Chainlink Price Feeds provides ‘price data’ for various cryptocurrencies in a decentralized and secure manner. This information is then validated on-chain to ensure broad market coverage and resistance against market volatility.
The announcement mentioned that,
the GLITCH blockchain protocol offers developers a highly scalable and low-cost delegated proof-of-stake (DPoS) network to begin building the next generation of smart contracts.
Additionally, Chainlink also secures GLITCH's governance model facilitating price-referenced token swaps to dole payouts from dApps to network participants. With the launch of Glitch's decentralized exchange, Chainlink's oracle solutions will play a pivotal role in providing a time-tested infrastructure for leveraging off-chain data and computation.
Similarly, Lever, an Automated Market Maker (AMM)-based decentralized margin trading platform, reported the integration of Chainlink Price Feeds to secure its lending protocol and margin trading platform.
This collaboration allows Lever to issue loans, check limit order conditions, verify open margin positions and help with collateralization.
On their selection of Chainlink price feeds, Lever mentioned that it is,
both accurate and reliable during extreme conditions, ensuring users are protected against exchange downtime, flash crashes, and data manipulation like flash loan attacks.
LINK price prepares for uptrend
LINK price sets the stage for lift-off after a 32% crash between June 20 and June 22. Despite rising 27% after bottoming, Chainlink price is retracing to create a potential higher low that begins a new uptrend.
If this were to happen, LINK price would likely surge 22% to retest the 70.5% Fibonacci retracement level at $21.02 and the $21.65 resistance level. Breaching $21.59 will open the path for Chainlink bulls to push to the subsequent supply barrier at $24.10 and the 50% Fibonacci retracement level at $25.21.
LINK/USDT 6-hour chart
Regardless of the optimism around Chainlink adoption, if LINK price fails to breach past the 79% Fibonacci retracement level at $19.29, it will signal weak buying pressure.
A sudden spike in bearish momentum at this position, leading to a convincing breakdown of the June 22 swing low at $15, will invalidate the bullish scenario.
In that case, Chainlink price might retest the January 13 swing low at $13.37.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
