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Chainlink Technical Analysis: LINK Crashes By 20% Over The Last Three Days

Daily Chainlink LINK Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price has dropped from $43 to $34 over the last three days.
  • LINK has now found healthy support on the 20-day SMA.
  • Since April 4, the Chainlink price jumped from the 50-day SMA and went from $29.30 to $42.70. However, following rejection at this line, the sellers took control of the market and have since pushed down LINK to $34.10.

    Chainlink Nearly Loses $10 In The Last Three Days

    Over the last three days, the Chainlink price has dropped by nearly $10 or 20%. Currently, the 20-day SMA has prevented LINK from going through a further drop. During this downward movement, the parabolic SAR has reversed from bullish to bearish.

    Image: LINK/USD daily

    link/usd daily chart 041921

    As per the IOMAP, the healthiest support wall lies at $30. Previously, 15,400 addresses had purchased 23 million LINK tokens, at this level.

    Image: IntoTheBlock

    link/usd volume chart 041921

    How Cardano Will Benefit From Chainlink Oracles

    CardStarter, a key part of the Cardano ecosystem, is soon integrating Chainlink’s Verifiable Random Function (VRF). CardStarter would then have access to Chainlink’s solutions. The VRF will “guarantee” that actions within this platform are fully randomized without any bias and are protected against manipulation.

    Through CardStarter, “early-stage Cardano innovators” can easily connect with the community. The platform has a few listings with a quality assurance program, an insurance fund backed by the community, development resources, and a mechanism for projects to raise capital with “Token Vouchers.

    The CardStarter tiered system is set to use the Chainlink VRF. That way, “Card” holders can receive rewards through a “secured lottery.” CardStarter would also reward users’ loyalty. For instance, an excerpt from an official post reads: 

    The integration of Chainlink VRF will play a key role in ensuring the CardStarter ecosystem provides equal and provably unbiased opportunities to all participants in regards to earning IDO participation rights and rewards of varying valuations. We are excited to see this integration come to fruition and further improve the CardStarter user experience. 

    CardStarter noted that they chose Chainlink because of its “high integrity system” and the capacity to provide users with proof of randomness. The solution ensures the integrity of the process by providing cryptographic proof, that can only be generated by the VRF. 

    Chainlink Price Is Expected To Reach These Levels

    As of now, it seems pretty unlikely that the Chainlink price is going to drop below the $30 psychological level. On the upside, the buyers will need to regain momentum and take LINK up to $42.50 resistance barrier.

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