Chainlink Technical Analysis: LINK Buyers Attempts To Offset Sunday’s Losses

Daily Chainlink LINK Price Analysis

Last Updated August 11th 2021
2 Min Read
  • The Chainlink price faces immediate resistance at $25.
  • RSI is hovering at the edge of the overpriced zone.

Since August 3, the Chainlink price has been hovering between the $25 resistance and $23 support. LINK is currently priced at around $24.20. The relative strength index (RSI) is trending at the edge of the overbought zone, so a further rise will make LINK overpriced.

Chainlink Price Jump Up To Make Up For Losses

On July 21, the Chainlink price jumped from $13.65 to $24.65 till August 7 – gaining $11 in its valuation. During this jump, LINK managed to:

  • Flip the 20-day and 50-day SMAs from resistance to support.
  • Reverse the MACD from red to green.

Since then, LINK has been sandwiched between the $25 resistance and $23 support. The MACD indicates sustained bullish market momentum.

Image: LINK/USD daily

LINK/USD daily chart 081121

As per IntoTheBlock’s IOMAP, the Chainlink price faces strong resistance at $25. Previously, at this level, 6,700 addresses had purchased almost 30.5 million LINK tokens at this line.

Image: IntoTheBlock

LINK/USD volume chart 081121

DinoX Integrates Chainlink VRF 

DinoX, a unique dinosaur NFT platform, has recently integrated Chainlink Verifiable Random Function (VRF) on the Ethereum mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, the firm can access a tamper-proof source of randomness needed to ensure a fair and verifiable reward distribution. Ultimately this creates a more exciting, transparent, and fraud-proof user experience, which allows users to interact with the staking and gameplay systems in a trusted way.

In a blog post, At DinoX said that it has created a world of the living (and breeding) NFT dinosaurs on the Ethereum blockchain that can be trained, fought, and traded. Through the battle, training, and token staking, players can receive rewards in the form of $DNX, $DNXI, and $DNXC tokens, the firm noted.

"To ensure a trusted reward system for DinoX users we need 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."

DinoX added that it selected Chainlink VRF because it is based on "cutting-edge academic research and supported by Chainlink’s time-tested oracle infrastructure."

 Filip Tomaska, CEO of DinoX, said:

“We are excited to integrate Chainlink VRF as it will allow us to create a trusted and unique gameplay experience for our players.”

Chainlink Price Is Expected To Reach These Levels

As things stand, the Chainlink price still faces two strong resistance barriers at $25 and $26. Taking them down will take LINK to the $30 line. However, as we have noted before, the $25 line has proven to be really stubborn.

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