Chainlink Price Analysis: LINK Retreats Ater Touching $20

Daily Chainlink LINK Price Forecast

Last Updated July 28th 2021
2 Min Read
  • Chainlink price upside blocked by 50-day SMA.
  • LINK has had seven straight bullish sessions.

This Monday, the Chainlink price jumped from $16.70 to $20 as the buyers retained full control over the market. Prior to this, LINK crashed from $20 to $13.70 between July 7 and July 20, flipping the 20-day SMA from resistance to support and reversed the parabolic SAR from positive to negative.

Chainlink Price Has Seven Straight Sessions

The Chainlink price had seven straight bullish sessions between July 21 and July 27, wherein it jumped from $13.70 to $18.65. As things stand, the 50-day SMA has prevented LINK from entering the $20 psychological level. During this jump, LINK managed to:

  • Flip the 20-day SMA from resistance to support.
  • Reverse the parabolic SAR from negative to positive.
  • Flip the MACD from bearish to bullish.

Image: LINK/USD daily

LINK/USD daily chart 072821

As per IntoTheBlock’s IOMAP, the Litecoin price has a strong resistance barrier at the 50-day SMA ($19.50). Previously, at this level 5,000 addresses had purchased almost 7.45 million LINK tokens at this line.

Image: IntoTheBlock

LINK/USD volume chart 072821

PolyWhirl To Integrate Chainlink VRF

PolyWhirl, a non-custodial private transaction protocol, is integrating Chainlink Verifiable Random Function (VRF) on the Polygon blockchain. By integrating Chainlink’s decentralized oracle network, the firm said that it could obtain access to a tamper-proof and auditable source of randomness needed to autotomize and provide a fairer mechanism to enable buyback and burn $WHIRL via our protocol fee. 

In a blog post, the firm said:

"Ultimately this creates a more exciting, transparent, and fraud-proof user experience, as users can rest assured the time of the burn will be randomly decided by the VRF function to avoid front-running by the team or other rogue parties according to market conditions."

PolyWhirl noted that it aims to build a completely decentralized private transaction ecosystem that users can rely on. The team said that it designed its token, $WHIRL, to set them up on a path to full decentralization and autonomy. To ensure that, the protocol implements a novel mechanism for stakers of $WHIRL to earn rewards through pool fees, a token buyback and burn mechanism, and governance.

WhirlMaster, Lead Dev, PolyWhirl, said:

"Chainlink’s VRF is the perfect way to empower our autonomous and decentralized token burns, with complete verifiability of the selected time to ensure fairness for the community.”

Chainlink Price Is Expected To Reach These Levels

If the Chainlink price conquers the 50-day SMA ($19.50) it should potentially reach $28 before encountering the 200-day SMA.

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