Chainlink Price Analysis: LINK Drops After Flashing The Buy Signal In The TD Detector

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price drops after facing resistance at $15.85.
  • MACD indicates increasing bearish market momentum.
  • The Chainlink price dropped from $20 to $14.55 since July 7, flipping the 20-day SMA from support to resistance in the process. Between July 8 and July 12, LINK has been hugging the lower side of the 20-day SMA.

    Chainlink Price Fails At Crucial Level

    This Sunday, the Chainlink price flashed the red-nine candlestick in the TD sequential detector. However, the $15.85 resistance barrier has prevented LINK from going up any further. The MACD indicates sustained bearish market momentum.

    Image: LINK/USD daily

    LINK/USD daily chart 072021

    The Chainlink price dropped after failing at the $15.85 resistance barrier. As per IntoTheBlock’s IOMAP, 8,000 addresses had purchased almost 6.6 million LINK tokens at this level. 

    Image: IntoTheBlock

    LINK/USD volume chart 072021

    EthSign To Integrate Chainlink Keepers and Oracles 

    EthSign recently announced EthSign Smart Agreements, an automated contract settlement framework with three pillars: data source, trigger conditions, and execution. In a blog post, the firm explained that users can now define on-chain or even off-chain data sources because of Chainlink Oracles and their respective trigger conditions. 

    With Chainlink Keepers, data is periodically fetched and checked against the trigger conditions. When the conditions are satisfied, execution is automatically carried out by Keepers. It works hand in hand with contracts signed with EthSign, and every aspect of the framework is entirely customizable, the firm noted.

    It said:

    "The launch of EthSign Smart Agreements will extend our ecosystem’s support to smart contracts, enabling users’ digital agreements to automatically execute and settle when predefined events are proven to occur. While our team is building a framework for codifying contract terms into smart contract logic, our platform requires two other main pieces of infrastructure: oracles and keepers."

    EthSign noted that it chose Chainlink as an off-chain solution for both oracles and keepers because it is "the most time-tested and fully functional platform in the smart contract economy." Chainlink already secures tens of billions of dollars for leading smart contract applications, while offering a flexible framework that enables a wide range of off-chain computations to be performed by keepers, the firm said. Additionally, Chainlink is blockchain-agnostic, empowering its multi-chain platform to scale alongside it into the future, EthSign added.

    Xin Yan, Co-Founder of EthSign, said:

    "We’re excited to begin integrating Chainlink into EthSign Smart Agreements, extending our growing digital agreement platform to support smart contracts that auto-execute when terms are confirmed to occur. Chainlink offers highly generalized and proven solutions for verifying a wide range of external events through both premium data and advanced off-chain computations, as well as an existing decentralized network of highly reliable node operators to bootstrap new services for users building smart agreements on EthSign Smart Agreements."

    Chainlink Price Is Expected To Reach These Levels

    The buyers will need to overcome the $15.85 resistance barrier to overcome the downward trend.

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