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.
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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
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.
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.
