• Chainlink price stumbles at topside trend line, plunges into support.
  • Weekly bearish momentum divergence at the recent high was a clue that weakness was coming.
  • JustBet will use Chainlink oracles to optimize gaming platforms on the Polygon Network.

Chainlink price has been holding a critical region of support framed by the 50% retracement of the February-April rally. Heavy distribution marks the volume profile of LINK since it touched the topside trend line. All indicators point to a downward resolution of the current standoff and a decline of roughly 20% from the current price.

Chainlink VRF and Price Feeds combine to launch a leading-edge JustBet gaming experience

JustBet selected LINK oracles to integrate into its decentralized gaming platform to offer a completely new experience, one in which external data is leveraged to enhance the security and functionality of many critical on-chain gaming functions.

The gaming platform, running live on Polygon mainnet, is built using smart contracts to ensure no human interaction and airdrops cannot be tampered with. The problem with smart contracts’ is that they cannot access actual data outside of the blockchain, thereby impeding the ability to reference external data before on-chain actions occur.

The integration of LINK oracles will solve the problem with external connectivity, enabling the platform to use off-chain data to enhance the functionality of the blockchain. More specifically, the oracle “fetches off-chain data on behalf of the smart contract and delivers it to the blockchain so it can be used to trigger on-chain actions.”

The two LINK solutions will power the JustBet platform to be more interactive and a fair gaming experience on the Polygon Network with verifiable randomness. JustBet plans to work closely with Chainlink in the future and explore how to deploy more Chainlink-powered services.

Chainlink price may need a catalyst to resolve the tug-of-war

LINK stalled at the topside trendline at the February high, extending from the 2019 high through the 2020 high. Again, this month, the digital token reversed from the topside trendline and has been fighting a more significant sell-off thanks to a key range of support.

A broader sell-off in the cryptocurrency complex may be needed for LINK to punch through the closely staggered levels of support. The first level of support is the 50% retracement at $32.68, followed closely by the 50-day SMA at $31.39 and then the 61.8% Fibonacci retracement at $29.93.

If losses are not contained, LINK will not find support until the 100-day SMA at $28.64 and finally ending with the bearish thesis target, the rising trend line at $27.44.

LINK/USD daily chart

LINK/USD daily chart

A daily close above the 261.8% extension of the mid-2020 decline at $40.53 would offer a glimpse of hope for speculators, but the topside trendline is just above at $45.18. It will take substantial buying pressure to spring LINK beyond that level. 

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA braces for a test of $2 amid a potential bull pennant

Cardano (ADA/USD) is extending its recovery this Sunday after a sharp sell-off witnessed a day before. ADA/USD charts a bull pennant on the 12H chart.  A test of the $2 mark appears inevitable if the bullish pattern is confirmed. RSI has regained upside momentum, well above 50.00.

More Cardano News

XLM Price risks further falls towards $0.53 amid double top reversal

XLM/USD is falling for the third straight day on Sunday. $0.53 support appears at risk after the double top reversal on the 1D chart. RSI points south towards the midline as the XLM price eases from record highs.

More Stellar News

SafeMoon price has additional room to rise after the four-day blistering rally

After a crash witnessed towards the end of last month, SAFEMOON buyers have returned in the first week of May, showcasing a stellar performance. SAFEMOON price looks to the moon after a series of encouraging tweets. 

More SafeMoon News

Ethereum Classic Price Analysis: ETC bides time before the next upswing kicks in

ETC price is stuck in a tight range between two key Fibo levels on the 12H chart. Overbought conditions warrant caution but the coin defends key support so far. Ethereum classic awaits fresh impetus for the next direction.

More Ethereum Classic News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast