- Chainlink’s VRF functionality is integrated by Upshot to appraise NFTs in real-time.
- Coinversation Protocol announced the use of Chainlink price feeds to secure its platform.
- LINK price has undone its 12-hour gains due to the recent market crash and looks for more downside in the short term.
Chainlink price reveals a sell signal that could delay its recovery from the current sell-off. However, the adoption of the oracle token's blockchain and its functionalities are going forward without a hitch.
Oracle price feeds and VRF adoption soars
Two projects, Upshot and Coinversation, recently announced their integration with Chainlink’s VRF and oracle-based price feeds, respectively.
Upshot revealed the introduction of Chainlink’s Variable Randomness Function (VRF) to help select random members to appraise NFTs.
Although NFTs are low-velocity assets, Upshot wants to put an end to this by introducing near real-time price feeds for crowd-sourced NFTs.
The blog reads,
This use of Chainlink’s VRF both increases the cost of manipulating NFT appraisals and makes the system more efficient by only requiring a small, fixed number of appraisers’ responses to be considered and/or scored.
Coinversation, an AMM-based DEX on Polkadot, divulged that it would be integrating Chainlink price feeds to ensure that the synthetic assets issued/traded on the platform are fairly priced.
Introducing Chainlink’s oracle services that are tamper-proof, secure and high quality will help protect users against API downtime, flash crashes and data manipulation attacks from flash loans.
LINK price looks to slide lower
On the 12-hour chart, LINK price shows the formation of a lower high after breaking out of the range-bound consolidation. To make matters worse, the Momentum Reversal Indicator (MRI) has flashed a cycle top signal in the form of a red ‘one’ candlestick, suggesting that a reversal could be underway.
This setup forecasts a one-to-four candlestick correction.
Hence, the immediate support at $38.70 is the first line of defense, a breach of this level will allow sellers to push the oracle token to the upper range at $36.91.
Interestingly, this level coincides with the demand zone that extends from $35.03 to $36.91.
Therefore, this area of interest will most likely allow the buyers to come to the rescue. If this were to happen, LINK price could kickstart its next leg up that could potentially target its all-time highs at $44.37.
The formation of a higher high above this level indicates the persisting bullish momentum that might push Chainlink price to new all-time highs.
LINK/USDT 12-hour chart
On the other hand, if the bears produce a decisive close below $35.03, it would jeopardize the upswing. However, a breakdown of $33.96 will invalidate the bullish thesis and kick-start a move to the 50% Fibonacci retracement level at $31.06.
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.
Recommended Content
Editors’ Picks
Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH

Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter

Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users

Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.