Chainlink Technical Analysis: LINK Approaches $50.
Daily Chainlink LINK Price Analysis
- Chainlink price flipped $42 from resistance to support.
- The parabolic SAR has flipped from negative to positive.
The Chainlink price bounced up from the 50-day SMA on April 25 and reached $48 from $31.30, gaining almost $17 till date. During this upward surge, LINK managed to flip the 20-day SMA from resistance to support. Let’s take a closer look with technical analysis.
Chainlink Price On The Verge Of $50 Barrier
The Chainlink price dropped faced tough resistance at $42 before it successfully flipped it to support. The MACD shows increasing bullish market momentum. Plus, the parabolic SAR has reversed from negative to positive. The relative strength index (RSI) shows that LINK is on the verge of being overbought.
Image: LINK/USD daily
Chainlink price has immediate support barrier at $42, wherein nearly 4,500 addresses had purchased a little over ~400,000 LINK tokens.
Upshot Utilizing Chainlink VRF to Bring Efficient Price-Discovery to NFTs
Upshot, a platform that enables real-time NFT appraisals, is set to leverage Chainlink’s Verifiable Randomness Function (VRF) to randomly select appraisers who will have their appraisals considered in pricing NFTs. The Chainlink VRF is a verifiable source of randomness for smart contracts. When a smart contract requests randomness, the VRF generates a random number and cryptographic proof explaining how the random number was generated. That proof is then published and verified on the blockchain.
Upshot’s use of Chainlink’s VRF raises the cost of manipulating NFT appraisals and makes the system more efficient by only needing a small, fixed number of appraisers’ responses to be considered or scored.
It would be intractable for Upshot to consider all appraisers’ responses when pricing each NFT, and it would be significantly cheaper for attackers to manipulate appraisals if they knew the breakdown of answers and appraisers considered beforehand.
Daniel Kochis, Head of Partnerships at Chainlink Labs, said:
We’re excited to support Upshot in its innovative use of Chainlink VRF for randomness, creating verifiable security guarantees and lowering the costs needed to obtain better appraisals for the growing NFT market, ultimately enabling more efficient NFT trading.
Upshot CEO Nick Emmons described the use of randomness as a necessary tool in protocol design as it both increases the cost of attacking systems while simultaneously making them more efficient. He said that Chainlink’s VRF is a "major step forward in protocols’ access to robust sources of verifiable randomness.”
Chainlink Price Is Expected To Reach These Levels
The Chainlink price will cross the $50 psychological level before it faces bearish correction.