- 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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.