Chainlink adoption multiplies as LINK price prepares for 90% upswing

  • Chainlink price is retracing to a stable support floor at $21.65 as the entire market takes a hit.
  • A bounce off this barrier is likely to trigger LINK to rally 88% to $41.38.
  • YouHodler and HyperJump integrate the oracle’s price feeds and VRF.

Chainlink price is bleeding as it failed to produce a higher high above the October 3 swing high. Investors can expect LINK to rally after tagging the September 17 swing lows. 

Chainlink Price Feeds and Verifiable Random Function receive more integrations

Chainlink has been a standard oracle that penetrates into multiple blockchain ecosystems and is currently being used by many projects. In a recent announcement, YouHodler revealed that it would be integrating Chainlink Price Feeds to secure crypto-backed fiat loans. 

The blog states that YouHodler, a FinTech platform that allows users to secure crypto-backed loans, will use Chainlink Price Feeds to access high-quality decentralized exchange rates on various cryptocurrency price pairs. This information will then be fed to YouHolder’s lending products, which will determine users’ borrowing limits and check the collateralization of outstanding loans.

On a similar note, HyperJump, a gamified DeFi platform, announced that it would integrate Chainlink Verifiable Random Function on the Binance Smart Chain. This collaboration will provide HypeJump with a tamper-proof and auditable source of randomness that can be leveraged to select winners in the upcoming Galaxy Draws randomly.

Since the NFT boom, it has become increasingly aware that projects are using Chainlink features to either decide the rarity of certain aspects or products or use them to provide random airdrops or in-game drops.

All of the above suggests that the interaction of retail with the cryptocurrency industry is increasing as a whole and Chainlink adoption is helping pave this path.

LINK price searches for launching pad

Chainlink price has been on a steady descent since the September 6 swing high at $36.39 and has dropped 32% to where it currently stands. If the markets continue to bleed, LINK will likely revisit the immediate support floor at $21.65.

This barrier has previously supported Chainlink price and has even kick-started 70% and 33% upswings. Therefore, a retracement to this level will likely trigger a triple tap setup, catalyzing another run-up. However, this time around, Chainlink price might make a run at the 70.5% Fibonacci retracement level at $41.38.

While this 90% ascent is plausible, Chainlink price needs to slice through $33.23 or the 50% Fibonacci retracement level, followed by the $38 barrier.

LINK/USDT 1-day chrt

LINK/USDT 1-day chart

Regardless of the optimism and hope around Chainlink price, if the buyers fail to keep it above $21.65, it will likely create a lower low and knock LINK down to $19.59, where the bulls have one last attempt to make a comeback. Failing to do so will allow the sellers to drag Chainlink price to 18.59 or lower.

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