Chainlink Price Feeds and VRF adoption soars with NFT craze as LINK price eyes 25% upswing
- Chainlink price is contemplating a 25% ascent as it approaches a crucial demand barrier at $25.24.
- Cell Land integrates Chainlink Price Feeds, while Onii’chain is leveraging VRFs to improve NFT functionalities.
- A breakdown of the $22.74 support floor will invalidate the bullish thesis for LINK.
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Chainlink price is experiencing the end of a pullback as the bulls plan a comeback. Moreover, the retracement has pushed LINK down to crucial support levels, which helps with the upswing narrative.
Price Feeds and Verifiable Random Function
Non-fungible tokens (NFTs) have been a craze during the recent bull run. Chainlink and its products have played a crucial role in helping platforms and projects keep their NFTs updated and increase their effectiveness.
More recently, Cell Land, an NFT-based advertising billboard, announced the integration of Chainlink Price Feeds to stabilize the pricing of its NFTs.
Precisely, Cell Land sells 10X10 pixels of its billboard as NFTs, and the pricing of these has to be kept stable. Therefore, the project is leveraging Chainlink’s tamper-proof price feeds to fix the exchange rate of CLD and CELL tokens.
According to the announcement,
Chainlink Price Feeds will supply USDT exchange rates, which we will use to enable people to buy CLD tokens at a constant price (0.04 USDT) during the entire crowd-sale duration.
On a similar note, Onii’Chain, a decentralized NFT platform, utilizes Chainlink’s Verifiable Random Function for its NFT generation mechanism. The Onii’Chain team added,
We’re excited to integrate Chainlink VRF into our NFT generation system, because we believe in providing a fair, highly reliable and fraud-proof gaming experience to our users.
Chainlink price eyes 25% ascent
Chainlink price has dropped 19% over the past six days and shows signs of retesting the immediate support level at $25.24, coinciding with the 50% Fibonacci retracement level. While a retest of this barrier is uncertain, it is likely LINK has already kick-started an uptrend.
A continuation of this journey from the current position could push Chainlink price to retest the range high at $35.50. This ascent would constitute a 25% gain.
However, if LINK heads lower to retest the $25.24 support level before heading higher to $35.50, it will represent a 40% ascent.
LINK/USDT 1-day chart
On the other hand, if Chainlink price breaks below the 50% Fibonacci retracement level at $25.24, it will create a lower low and likely knock it down to $22.77, coinciding with the 62% Fibonacci retracement level.
A decisive daily candlestick close below this barrier will invalidate the bullish thesis. In some cases, LINK could retest $21.03.
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.
