Chainlink Price Prediction: LINK Attempts To Take Down $48.50 Resistance

Daily Chainlink LINK Technical Analysis

2 Min Read
Last Updated July 23rd 2021
  • Chainlink price bounced up from the $46 support barrier.
  • The MACD shows sustained bullish market momentum.
  • Between April 25 to May 9, the Chainlink price jumped from $31 to $52. During this upward surge, LINK gained 67% in overall valuation and flipped the 20-day SMA from resistance to support. Following this surge, LINK had a hugely bearish Monday, wherein it crashed to $46.20 before the buyers fought back.

    Chainlink Price Looks To Take Down $48.50 Resistance

    The buyers rushed back into the market following a heavily bearish Monday as LINK jumped to $48.35. The relative strength index (RSI) shows that LINK still has some space to grow before it gets overvalued. The MACD shows that the present market sentiment is still bullish.

    Image: LINK/USD daily

    LINK/USD daily chart 051221

    Chainlink price faces strong resistance at $48.50, wherein 129 addresses had purchased almost 2.25 million LINK tokens. 

    Image: IntoTheBlock

    LINK/USD volume chart 051221

    NFTendo To Integrate Chainlink VRF On BSC

    NFTendo, a gamified retro-console-themed NFT collectible project, has recently integrated Chainlink’s Verifiable Random Function (VRF) on the Binance Smart Chain (BSC) Mainnet. NFTendo will use Chainlink VRF as part of the Community Reward System, where a part of the BNB token sale proceeds are randomly awarded to a select few NFTendo holders if the total supply has been sold out within six months from the start of sale. 

    As a result, users can collect NFTs and have the chance to earn additional rewards just for participating. Additionally, as part of the Community Reward System, NFTendo allocates 300 BNB to a charity voted by the community where one NFTendo equals one vote.

    NFTendo said that it selected Chainlink VRF because it is "the most secure and reliable verifiable RNG solution in the blockchain industry, providing users with auditable on-chain proof that the generation of the random number is tamper-proof." As such, NFTendo Community Reward System winners are selected in a provably fair and unbiased manner, leading to an unpredictable and gamified NFT experience. 

    This integration of Chainlink VRF allows NFTendo to combine both the appeal of NFTs as a means of artwork ownership and the concept of gamification to create an interesting game theory dynamic: NFTs that are used to determine participants in a Community Reward System. 

    Chainlink VRF not only provides users with a guarantee that they have a fair opportunity to win the Community Reward System but also reduces the development burden of creating a transparent reward system.

    NFTendo's Patrick said: 

    We picked Chainlink because it is the best oracle solution out there by far and has proven to provide reliable VRF to a wide variety of high-quality projects. The execution and support of the Chainlink Network is unrivaled in this space. Additionally, VRF is very easy to use, along with very clear documentation that facilitates quicker development from our team. 

    Chainlink Price Is Expected To Reach These Levels

    The Chainlink price will need to cross the $48.50 resistance barrier and take down the $50 psychological level and reach its all-time high ($52.88) level again.

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