Chainlink adoption continues, while LINK price eyes pullback
- Chainlink VRF goes live on Binance Smart Chain, providing developers with reliable, verifiable randomness.
- Additionally, PancakeSwap’s prediction market integrates Chainlink’s BNB/USD price feed.
- LINK price looks to correct 9% before surging higher to produce a swing high.
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Chainlink adoption is on a constant uptick, and the recent addition includes the integration of its oracle solutions in the Binance Smart Chain ecosystem. On the other hand, LINK price shows lackluster performance in the short-term eyeing a minor pullback.
Verifiable Random Function lands on BSC
Chainlink oracles are widely used in the cryptocurrency ecosystem by a majority of projects. Binance Smart Chain (BSC) has become one of the latest projects to implement Chainlink’s VRF (Verifiable Random Function).
This integration allows all BSC developers access to a tamper-proof, cost-efficient and verifiably fair source of on-chain randomness, backed by cryptographic proofs and leading academic research.
The announcement reads,
Catering to growing consumer demand has always been a top priority, particularly by making industry-leading infrastructure and tooling natively available on BSC. Hence, why we established Chainlink as our recommended oracle solution for developers needing a secure and reliable gateway to off-chain data and computation.
In addition to this, Pancake Swap also announced the integration of Chainlink's BNB/USD price feeds on the BSC mainnet for the newly launched prediction markets to ensure access to reliable and tamper-proof price reference data for the closing of each round.
Chainlink price shows short-term weakness
On the 6-hour chart, Chainlink price is retracing after getting rejected by the swing high at $36.91. This correction could extend up to the 50% Fibonacci retracement level at $31.06. This area has prevented LINK from going lower over five times in the past two weeks.
Hence, investors can expect Chainlink price to bounce from this support barrier. A successful resurgence of buyers around this zone could see LINK surge 18% to retest the swing high at $36.91.
If the buying pressure persists, LINK could potentially retest its all-time high at $44.37.
LINK/USDT 6-hour chart
On the other hand, if the sellers topple the demand level at $31.06, it will signify a weakness among buyers. However, a decisive close above $29.5 will create a lower low, invalidating the bullish thesis.
In such a case, Chainlink price will retrace to a support barrier at $28.4.
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.
