Chainlink Price Prediction: LINK Flashes The Buy Signal In The TD Detector

Daily Chainlink LINK Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price could be on the way up, as per the TD sequential detector.
  • MACD indicates sustained bearish market momentum.
  • Since July 7, the Chainlink price fell from $20 to $15.25 as it crumbled under enormous bearish pressure. During this drop, LINK managed to flip the 20-day SMA from support to resistance. Let’s take a closer look.

    Chainlink Price To Bounce Back Up?

    The Chainlink price has flashed a red-nine candlestick in the TD sequential detector, which is a positive signal. The last time LINK flashed this signal, the price jumped from $21.45 to $25 between June 12 and June 14. However, do note that the MACD indicates bearish market momentum, which could act as a spoilsport.

    Image: LINK/USD daily

    LINK/USD daily chart 071921

    The Chainlink price is falling towards the $15 support wall. As per IntoTheBlock’s IOMAP, 9,000 addresses had purchased almost 8.5 million LINK tokens at this level. 

    Image: IntoTheBlock

    LINK/USD volume chart 071921

    NFTY Labs Integrates Chainlink’s VRF Technology

    NFTY Labs, a provider of an open-sourced, community-based NFT toolset, recently announced an integration with Chainlink. The collaboration will allow NFTY Labs to benefit from Chainlink’s oracle services, such as Chainlink’s Verifiable Randomness Function (VRF). 

    In a blog post, NIFTY noted that it aims to integrate Chainlink VRF technology into its future NFT minting processes, adding another layer of individuality to NFT ownership. VRF is a decentralized oracle service from Chainlink that provides smart contracts with a verifiable source of on-chain randomness. 

    The firm explained that integrating Chainlink’s VRF into the NFT minting process helps it provide a provably fair and unbiased chance for any number of variables to be included during NFT creation. This can include an assortment of predetermined aesthetics, giving each NFT additional rarity beyond the standard art or mint number.

    The firm added:

    "With the genesis of our new NFT launchpad, NFTY Launch, we are always looking for new ways to stay on the cutting edge of NFT technology. The incorporation of Chainlink’s VRF is one way we’ve found to create more dynamic and unique NFTs. Stay tuned for more specifics on how we intend to use this feature with each of our partners, and what potential random outcomes we have planned for the future.”

    Chainlink Price Is Expected To Reach These Levels

    The buyers will need to ensure that the $15 support wall holds strong. On the upside, there are several strong levels holding the Chainlink price down.

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