Chainlink Price Analysis: LINK Bounces Up From The $17 Support Wall

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
3 Min Read
  • Chainlink price sentiment is on course to flash a buy signal in the TD detector.
  • MACD shows sustained bearish market momentum.
  • The Chainlink price has crashed from $25 to $17 between June 4 and June 22 having encountered resistance at the confluence of the 20-day and 200-day SMAs. Let’s take a look with technical analysis.

    Chainlink Price Jumps Up From The $17 Support

    The Chainlink price bounced up from the $17 support line and is currently trending around $18.25. The MACD shows sustained bearish market momentum so a further drop is expected. As per the TD sequential detector, LINK could drop for three more sessions before flashing the red-nine candlestick.

    Image: LINK/USD daily

    LINK/USD daily chart 062421

    The Chainlink price has crucial support at $17. As per the IOMAP, 8,500 addresses had purchased almost 7 million LINK tokens at this level. 

    Image: IntoTheBlock

    LINK/USD volume chart 062421

    Yield Protocol Integrates Chainlink Price Feeds

    DeFi Yield Protocol, a platform that allows users to provide liquidity, and receive rewards in ETH or BNB, recently announced that it has integrated Chainlink Price Feeds on the Ethereum and Binance Smart Chain mainnet. By integrating Chainlink’s decentralized oracle network, DeFi Yield said that it has access to tamper-proof price feeds. These feeds are needed to provide the exact value in USD for the rewards paid in ETH and BNB to the liquidity providers using its farming pools, the firm said. 

    In a blog post, DeFi Yield Protocol said that the initial integration involves the ETH-USD and BNB-USD Chainlink Price Feeds. It added that it chose Chainlink because its "infrastructure is seamless to integrate and time-tested in production." Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, DeFi Yield Protocol (DYP) added. 

    DeFi Yield Protocol is a unique platform that allows users to provide liquidity, receive rewards in ETH or BNB, and use an anti-manipulation feature to convert the rewards into ETH or BNB without overly affecting the price. In other words, any person can provide liquidity and earn ETH or BNB with minimum risks.

    To secure the ETH and BNB data values in a decentralized manner, the firm said that it needed access to asset prices supplied on-chain in a highly reliable way. The company added that it plans to use Chainlink for providing additional price feeds for all of its farming, staking, and vault pools. The team also wants to integrate Chainlink services on DYP Tools to provide a better experience for all the users.

    Mihai Nicusor Busica, the CEO DeFi Yield Protocol, said:

    Without doubt Chainlink is the most powerful and reliable Oracle when it comes to High-Quality Data, Secure Node Operators, Decentralized Network, and Reputation System. From the beginning we have put the security and transparency for our project in the first place. By integrating Chainlink services we manage to add more security and transparency to our whole ecosystem. This is one of the most important tasks for any DeFi platform! We look forward on adding more with Chainlink!

    Chainlink Price Is Expected To Reach These Levels

    A break below the $17 support wall will take the Chainlink price to the $15 line. On the upside, immediate resistance at $19.15 prevents move into the $20 psychological level