Chainlink (LINK)NewsPrice Analysis

Chainlink VRF Receives another Integration – LINK Ponders a 60% Uptick

Brief

  • Chainlink appears to reverse its losses as the asset approaches $13.36.
  • Chainlink VRF received its recent integration from Infinity Skies.
  • A break beneath the support level at $10.96 will invalidate the bullish attitude.

The previous two weeks had Chainlink plunging to retest the vital support zones. The asset has higher chances to bounce from the current barrier. However, investors need to consider an anticipated breakdown that could incorporate increased downtrends.

Chainlink VRF Increasing Adoption

Chainlink VRF (Verified Random Function) is a critical feature utilized to program uncertainty to aid the projects in various ways. Chainlink created the VRF to provide randomness and security to smart contracts. The best thing about the feature is that it is unbiased and tamper-proof.

Infinity Skies uses VRFs to distribute unique in-game loot to users. Randomness is crucial to ensure a level playing environment for such games. It also brings unpredictability to the playing field.

However, Chainlink has its price uninspired regardless of increased adoption of its products such as keeper network, price feds, and VRR. Meanwhile, technical indicators show that the gloomy phase is about to end as LINK highlights Bullish moves.

📰  Robinhood CEO Hints at New Features for its Platform

LINK Prepares a U-turn

Chainlink’s price saw 37% losses over the last two weeks, dropping to the $13.55 low. While publishing this, LINK tests the support zone at $13.36, highlighting a bounce.

The reason behind this bullish outlook comes from BTC struggling at its demand resistance, indicating reversals.

With magnified bullishness, Chainlink might bounce from the $13.36 level. That would allow the asset to reclaim $14.59, the range low. Such development can take LINK to the $17.41 resistance zone, a 19% surge.

If Chainlink affirms the 6-hr candle over $17.41, it will denote buying activities, pushing the alternative coin to $21.28, a 22% uptick.

On the other side, if the coin breaks the support at $13.36, it will reveal weak bullishness. Such price movements can initiate a 10% plunge towards $12.29.

At the moment, Chainlink expects bullishness that would take it higher. Market analysts trust that the increased adoption will help the asset rally. What are your thoughts on that? You can use the section below to comment.

📰  Tokenomy Review - Is Tokenomy Scam or Legit?

Eino Kinnunen (Finland)

Eino is a new writer for Tokenhell, he resides in Espoo, Finland and he has been a crypto journalist for over 3 years for various cryptocurrency news agencies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close