- Chainlink price has flipped the parabolic SAR from negative to positive.
- LINK has had three bullish sessions out of the last four.
On May 30 and May 31, the Chainlink price jumped from $25 to $32. Since then, LINK has encountered resistance at the 20-day SMA before dropping to $31.20. Since May 25, Chainlink price has been trending between the 200-day SMA and the $33 resistance barrier.
Chainlink Price Fails To Break Above Crucial Level
Despite failing to cross above the 20-day SMA, the Chainlink price has flashed two buy signals – firstly, the MACD shows increasing bullish momentum and secondly, the parabolic SAR has reversed from negative to positive.
Image: LINK/USD daily
Now, let’s look at Into The Block’s IOMAP, we can see that the Chainlink price faces immediate support at the 20-day SMA. Previously, at this level, nearly 13,300 addresses had purchased almost 14.5 million LINK tokens.
Ventup Will Integrate Chainlink VRF
Ventup, a Cardano-powered IDO Launchpad for high-growth potential projects, is integrating Chainlink Verifiable Random Function (VRF) on the mainnet to secure a Decentralized Allocation System. In a blog post, Ventup said that by integrating Chainlink’s decentralized oracle network, it can obtain access to a tamper-proof and auditable source of randomness. The firm added that this creates a more reliable, transparent, and fraud-proof user experience as users will have access to unique and promising projects in a secure, perpetual, and fair manner.
Ventup said that Chainlink's VRF is founded on cutting-edge academic research and is supported by Chainlink’s time-tested oracle infrastructure. The firm added that the solution is secured through on-chain verification of cryptographic proofs that guarantee the integrity of each random number supplied to smart contracts.
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 Ventup smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof.
Ventup explained that this provides users with automated and verifiable assurances directly on-chain that each launchpad allocation is provably fair and was not tampered with by the oracle, outside entities, or the Ventup team.
The Chainlink framework will help in the optimization of the efficiency of our smart contracts by connecting secure inputs and outputs to off-chain API data streams, said Ventup. Furthermore, Chainlink Price Feeds will enable Ventup to connect its smart contracts to real-time market prices, giving users a reliable way to process the most up-to-date data before making any transactions.
Chainlink Price Is Expected To Reach These Levels
Chainlink price needs to break above the 20-day SMA to touch the $33 resistance barrier.