Chainlink Price Prediction: LINK Upward Momentum Blocked By 200-day SMA
Daily Chainlink LINK Technical Analysis
- The Chainlink price bounced up from the $26.15 support wall.
- LINK flipped parabolic SAR from positive to negative.
The Chainlink price had a bullish session after two straight bearish days as it went up from $25.35 to $27. On the downside, the 20-day SMA has stayed strong to prevent a further downtrend. On the upside, critical resistance lies at the 200-day SMA.
Chainlink Price Fell After Strong Rejection
Between July 21 and August 15, the Chainlink price rose from $13.65 to 200-day SMA ($28). However, LINK’s uptrend has been blocked by the 200-day SMA which forced the asset to drop to $25.25. During this fall, LINK reversed the parabolic SAR from positive to negative. The MACD also flipped from green to red.
Image: LINK/USD daily
As per IntoTheBlock’s IOMAP, the Chainlink price faces immediate resistance at the 200-day SMA ($28). Previously, at this level, 16,000 addresses had purchased almost 15.65 million LINK tokens at this line.
The Vogu Collective Integrates Chainlink VRF
The Vogu Collective has recently integrated Chainlink Verifiable Random Function (VRF) on the Ethereum mainnet. The platform earlier launched a randomized NFT collection of 7,777 unique robot avatars. By integrating Chainlink’s industry-leading decentralized oracle network, it now has access to a tamper-proof and auditable source of randomness needed to verify the rarity of each NFT holder’s Vogu contract and artwork.
"This creates a more exciting, transparent, and fraud-proof user experience, as users can collect, trade, and sell their NFTs on the secondary markets with confidence in their smart contract’s validity, while also being able to use their individual NFTs to gain exclusive access to upcoming Vogu releases."
This Vogu NFT collection enables immersive, multimedia art and storytelling project in which collectibles play an integral role in shaping and growing creative content. To build and assign our collection of 7,777 unique art pieces, the firm said it needs access to a secure random number generator (RNG) that any user could independently audit. However, RNG solutions for smart contracts require several security considerations to prevent manipulation and ensure system integrity.
"After reviewing various solutions, we selected Chainlink VRF because it’s based on cutting-edge academic research, supported by Chainlink’s time-tested oracle infrastructure, and secured through the generation and 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 with the oracle node’s pre-committed private key to generate a random number and cryptographic proof. The Vogu Collective smart contract will only accept the random number input if it has valid cryptographic proof, which can only be generated if the VRF process is tamper-proof. Andrew Drayton, Co-Founder of the Vogu Collective, said:
“NFT communities demand fairness and transparency. With Chainlink we were able to deliver both.”
Chainlink Price Is Expected To Reach These Levels
The Chainlink price must overcome resistance at the 200-day SMA ($28) to continue the upward trend. Following that, LINK should touch the $30 resistance barrier.