Chainlink Price Analysis: 20-day SMA Prevents LINK Surge
Daily Chainlink LINK Price Forecast
- Chainlink price has two bearish sessions in a row.
- The parabolic SAR and MACD have flashed bullish signs.
On June 4, the bears took full control of the Chainlink price as it crashed from $32 to $17 between June 4 and June 22. In the process, it flipped the parabolic SAR from positive to negative and reversed the 20-day and 200-day SMAs from support to resistance.
Chainlink Price Bears Wrench Back Control
Following this drop, the Chainlink price had four straight bullish sessions between June 26 and June 29 as it went from $16.75 to $1.9.50 and reversed the parabolic SAR and MACD from bearish to bullish. The 20-day SMA on the upside has prevented a further jump and pushed LINK down to $17.85 over the next two days.
Image: LINK/USD daily
The Chainlink price has strong support at $17.50 on the downside. As per the IOMAP, 4,750 addresses had purchased almost 3.54 million LINK tokens at this level.
Vent Integrates Chainlink VRF Live on Polygon
Blockchain firm Vent earlier noted its plan to integrate Chainlink Verifiable Randomness Function (VRF) within its Decentralized Allocation System. The firm recently announced that the integration is now live on the Polygon mainnet. The partnership allows Vent to validate the integrity of the random integer generated. As a result, users can now have automated and verifiable assurances directly on-chain. The company added that launchpad allocation is provably fair and was not tampered with by the oracle or outside entities.
Through Chainlink’s VRF, Bridge Mutual’s coverage solution for dApp investments, and Synaps’ new KYC flow, Vent provides users with access to unique and promising projects in a reliable, transparent, and secure manner.
In a blog post, Vent noted that it selected Chainlink VRF because it allows any user to verify the integrity of the randomness relied on to our Decentralized Allocation System. By supplying cryptographic proofs, Chainlink VRF ensures that the randomness is generated and supplied on-chain in a tamper-proof manner, leading to provably fair and unbiased outcomes for all users, the firm said.
Vent Finance also announced that the registration for the Vent IDO on the VentUp Launchpad would open on Wednesday, July 7, 2021. The firm plans to hold a Whitelist Lottery to avoid overcrowding among participants, helping them offer all members a seamless experience.
Alexander Kunzmann, Co-founder & CEO of Vent Finance, said:
"As an oracle industry leader, we believe Chainlink is a key component to portray our core values, promoting transparency, simplicity, and accuracy. Their oracle solutions will truly help the Vent platform in becoming a simple way to manage all things DeFi for new projects."
Chainlink Price Is Expected To Reach These Levels
If the Chainlink price drops enough to break below the $17.50 support it will fall all the way to the $16.50 line.