Chainlink Price Analysis: LINK Bounces Up From 200-day SMA Support

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price had three straight bearish days after three straight bullish sessions.
  • LINK MACD shows sustained bearish market momentum.
  • Between May 27 and May 29, the Chainlink price dropped from $30.50 to $25.45. Before this, LINK had three bullish sessions as it rose from $20 to $30.50, gaining more than $10 in its overall valuation. Before this rise, LINK had plummeted by $32 and crashed from $52.50 to $20 between May 10 and May 23.

    Chainlink Price Bullish Session Counterattacks Saturday’s Bearish Action

    This Sunday, the Chainlink price bounced up from the 200-day SMA and it went from $25.15 to $27.75. In the process, the buyers managed to counter the bearish actions of Friday. The MACD shows sustained bearish market momentum, so the overall sentiment is negative.

    Image: LINK/USD daily

    LINK/USD daily chart 053121

    On the upside, the Chainlink price has a healthy resistance barrier at $30. Previously, at this level, 9,600 addresses had purchased almost 26 million LINK tokens.

    Image: IntoTheBlock

    LINK/USD volume chart 053121

    Chainlink Price In A Big Buy Spot?

    Chainlink LINK Daily Active Deposits

    Santiment tweeted:

    “#Chainlink is close to a key resistance level as we speak, and daily active deposits and exchange inflows are high. $LINK trader returns are at their lowest levels since Sep, 2020, which usually indicates a good buy spot.”

    ComicSwao Integrates Chainlink VRF 

    ComicSwap, an innovative yield farm on the BSC, has integrated Chainlink Verifiable Random Function (VRF) on the Binance Smart Chain mainnet. By integrating Chainlink’s decentralized oracle network, ComicSwap said that it now has access to a "tamper-proof and auditable source of randomness needed to run a successful lottery system."

    In a blog post, the firm explained that it would generate four random numbers using the random function. These four random numbers then decide the winners of the lottery. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, the firm added.

    After reviewing various solutions, ComicSwap said that it selected Chainlink VRF because "it is based on cutting-edge academic research" and supported by its oracle infrastructure." Chainlink VRF works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. 

    The CosmicSwap smart contract will only accept the random number input if it has valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. The team said:

    Cosmicswap was created with a purpose. Our mission is to create a sustainable and lasting yield farm. That’s why we took initiative to create a sustainability plan. Integrating Chainlink VRF into our lottery platform will allow us to create a fair and well-managed system.

    Chainlink Price Is Expected To Reach These Levels

    The buyers will need to push the Chainlink price above the $30 resistance barrier. If they break above this level, LINK will reach the 20-day SMA ($33.50).

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