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Chainlink Price Prediction: 20-day SMA Stops LINK’s Downtrend

Daily Chainlink LINK Technical Analysis

3 Min Read
Last Updated April 29th 2021
  • Chainlink price was on the verge of flipping parabolic SAR before it dropped down.
  • LINK had previously bounced up from the 50-day SMA.

The Chainlink price dropped from $42.65 to $31, between April 16 to April 24. During this fall, LINK managed to reverse the 20-day SMA from support to resistance. However, the 50-day SMA provided the required support as LINK jumped from $31.29 to $36.80,

 

Chainlink Price Bounces Up From 50-day SMA

However, the Chainlink price couldn’t manage to consolidate its position above the 20-day SMA. This Wednesday, the LINK price broke below the 20-day SMA. The MACD shows decreasing bearish market momentum.

Image: LINK/USD daily

LINK/USD daily chart 042921

Chainlink price faces an immediate resistance barrier at the 20-day SMA($36), wherein nearly 9,000 addresses had purchased a little over 14 million LINK tokens.

Image: IntoTheBlock

LINK/USD volume chart 042921

ChainGuardians Integrates Chainlink 

Blockchain gaming platform ChainGuardians has recently announced the integration of Chainlink's Verifiable Randomness Function (VRF) to its platform. The integration will help ChainGuardians ensure that all players have a provably fair and unbiased chance at generating Chainlink Guardian non-fungible tokens (NFT).

ChainGuardians allows players to individualize their Chainlink Guardian NFTs using Chainlink's VRF. This can be done through Chainlink Guardian Purchase and a dedicated web page on the site, the company noted. 

Chainlink's VRF combines 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. This helps players get solid, verifiable assurances that the randomness was fairly generated without interference from any third party, including the oracles and the developers. 

Robbie Cochrane, ChainGuardians Co-Founder, said:

We are always looking for ways to make our gameplay more meaningful and unique for users. Integration with Chainlink VRF delivers a provably fair and tamper-proof source of randomness, enabling a more dynamic user experience within ChainGuardians while retaining the transparency benefits of blockchain technology. This is the first step in embedding VRF deeper into the ChainGuardians ecosystem.

 

Chainlink Price Is Expected To Reach These Levels

The Chainlink price will need to flip the 20-day SMA from resistance to support and reach the $42 resistance barrier.

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