Chainlink adoption continues to scale as LINK price contemplates 51% upswing


  • Chainlink price is hinting at a pullback that could propel it by 51% to $25.21.
  • Bieconomy integrates Chainlink Price Feeds to distribute gas payments in multiple cryptocurrencies.
  • A breakdown of the support level at $16.60 will likely invalidate the bullish thesis for LINK.

Chainlink price is setting the stage for a massive bull rally that will shift the trend from bearish and choppy to bullish.

Chainlink Price Feeds and Keepers boost adoption

Bieconomy, a multi-chain transaction infrastructure for Web 3.0 applications, announced its integration of Chainlink Price Feeds on the Ethereum and Polygon mainnet. The project uses current asset prices to assess how much the users pay while using the underlying dApps or the blockchain network.

Therefore, the recent integration allows Bieconomy to calculate execution fees based on the most accurate, tamper-proof and up-to-date asset prices.

Unlike the plethora of projects out there, Bieconomy allows users to choose the token they want to pay the gas fees in, and it does so using their “Forward” module.

Aniket Jindal, the co-founder of Bieconomy, stated,

As we continue on our mission of simplifying web 3.0, Chainlink will act as a critical component in our entire architecture

The DeFi Network is another project that has integrated Chainlink Keepers to support its dynamic artwork efficiently. The Chainlink Price Feeds and Keepers will help sustain “The Curse NFT project,” which is a single dynamic NFT representing a 3D-rendered art piece of Krystall Schott that changes based on the Ethereum price.

While Chainlink Price Feeds monitor and pass the ETH price to the NFT, Chainlink Keepers will,

monitor the price of ETH off-chain, and let The Curse NFT smart contract know if daily price changes were positive or negative.

If the five-day change of ETH price is positive, the NFT will display positively valenced 3D renderings; if not, it will be negatively valenced.

LINK price slows down, anticipating a bounce

LINK price swept the highs at $19.50 and set up a new swing high at $20.54 on June 29. Since then, Chainlink has dropped 8% and might continue to do so until it finds a stable support floor.

The demand barrier at $16.60 is currently expected to support this pullback and serve as a platform for future gains. A bounce from this level will encounter the resistance levels at $19.50 and $24.59 before having a chance to tag the 50% Fibonacci retracement level at $25.21. 

This move constitutes a 51% rally from $16.60.

LINK/USDT 4-hour chart

LINK/USDT 4-hour chart

On the flip side, if the support level at $16.60 fails to hold LINK price, it will jeopardize the upswing narrative. In such a case, Chainlink might drop to the range low at $14.97, a breakdown of which will invalidate the bullish thesis.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Litecoin favors a 20% upswing while LTC bulls remain elusive

Litecoin price has entered a tight congestion zone since the initial spike above the Cloud on October 20th. The trading range has been limited to the Tenkan-Sen at $196 above and Senkou Span B at $188 below. 

More Litecoin news

SafeMoon price to surge to $0.0000038 before finding resistance

SafeMoon price has made some astounding progress in October, rallying over 145% from the lowest open in its history on the first day of October to its present new two-month high. 

More SafeMoon news

Cardano buy-side volume rises as momentum builds for ADA to breakout

Cardano price has been stuck in a ditch for most of October as price action ranged between $2.0 and $2.4. Neither bulls nor bears could take control as both defended their support or resistance levels quite adequately. The RSI has crossed above 50 again.

More Cardano news

Ethereum-killer Solana hit a new all-time high at $219, flipping XRP in market cap

Solana is now the sixth-largest cryptocurrency by market capitalization. The layer one blockchain protocol’s high throughput and low-cost transactions attract developers and users to the SOL ecosystem.

More Solana news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP