Chainlink adoption takes another step forward as LINK price eyes 20% upswing


  • Chainlink price contemplates a 20% climb as it tags the $30.72 resistance level.
  • ZUZ Protocol is employing Chainlink Keepers and price feeds to approximate Zeus NFT value.
  • A breakdown of the $25.18 support barrier will invalidate the bullish outlook.

Chainlink price has been on a steady uptrend but faced selling pressure as it approached a stiff resistance level on August 16. While a minor retracement might arrive shortly, LINK looks bullish and ready to conquer the immediate barrier.

Chainlink Keepers and Price Feeds integration continues

ZUZ Protocol recently announced the integration of Chainlink Keepers and Price Feeds on August 16. This integration is aimed at calculating the approximate value of Zeus non-fungible tokens (NFTs) and monthly staking rewards.

With the NFT cycle still holding strong, the ZUZ Protocol wants to show the world that NFTs can have intrinsic value by using complex calculations. These steps help forecast an approximate market value of NFTs by making use of Chainlink Keepers.

Additionally, crypto rewards can be obtained in denominations of other cryptocurrencies using Chainlink Price Feeds.

While this integration is just the beginning, ZUZ Protocol plans to implement Chainlink VRF (Verifiable Random Function) in the future.

Speaking about this adoption, Jared Allan, the COO of Zero Utility, added:

Integrating Chainlink Keepers allows us to automate the calculation and updating on Zeus NFT prices, providing our users with assurances that our staking platform is fair, reliable, and accurate.

LINK price takes a break before heading higher

Chainlink price has rallied roughly 38% from August 9 to August 16 but is currently facing trouble as it approaches the $30.72 resistance barrier.

The buyers’ inability is natural, considering the general cryptocurrency market is taking a break after a massive upswing over the past month. As the big crypto and Ethereum start to rally, Chainlink price will also gather steam and shatter $30.72, confirming a resurgence of the bullish momentum. Such a move will push the oracle token to the immediate resistance level at $35.40, the range high.

In a highly bullish case, Chainlink price might slice through $35.40 and climb 17% to retest $41.54. In total, this run-up would constitute a 45% ascent from the current price, $28.92.

LINK/USDT 12-hour chart

LINK/USDT 12-hour chart

On the other hand, if the buyers fail to push Chainlink price through $30.72, the retracement might continue until it tags the immediate support level at $26.47. A breakdown of this support does not necessarily invalidate the bullish thesis, but a decisive 12-hour candlestick close below $25.18 will.

In this case, investors can expect LINK to retest the $23.71 and $22.06 support levels.

 

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