Chainlink Technical Analysis: LINK Drops After $15.50 Resistance Prevents Bullish Resurgence

Daily Chainlink LINK Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price previously flipped the parabolic SAR from positive to negative.
  • The MACD has reversed from bullish to bearish.

After encountering heavy resistance at the 20-day SMA, the Chainlink price crashed from $18.30 to $15.50  between July 12 to July 18. The $15.50 resistance has prevented LINK from going up any further. Let’s take a closer look.

$15.50 Resistance Drops Down Chainlink Price

Over the last two days, the Chainlink price failed at the $15.50 resistance barrier and dropped to $13.85. This Sunday, LINK flashed the buy signal in the form of a red-nine candlestick in the TD sequential detector, but it seems like the bears have negated this so far. The MACD indicates sustained bearish market momentum.

Image: LINK/USD daily

LINK/USD daily chart 072121

The Chainlink price has a healthy support wall at $13.50. As per IntoTheBlock’s IOMAP, 7,700 addresses had purchased almost 2.5 million LINK tokens at this level. 

Image: IntoTheBlock

LINK/USD volume chart 072121

DFSocial Implements Chainlink VRFl

DFSocial Gaming recently announced that it integrated Chainlink VRF to expand the DFS ecosystem on Binance Smart Chain. This would help the firm enabling new types of assets and applications on its platform based on provably fair randomness, such as dynamic NFTs, giveaways, and mystery boxes. DFSocial added that it is looking to use Chainlink to bring other types of data on-chain, including gaming data for various results and statistics.

In a blog post, the firm said:

"Chainlink was the logical oracle solution for DFSocial because it is the most widely used, time-tested, and easy-to-integrate oracle network in the industry. Chainlink oracle technology already secures tens of billions of dollars in value for industry-leading projects in DeFi, NFTs, and other major smart contract markets, making it a no-brainer that we are thrilled to bring to our community."

Chainlink’s VRF is a provably fair and verifiable random number generator (RNG) purpose-built for smart contracts. Chainlink VRF allows smart contracts to access randomness in a transparent, secure, and unbiased way. Chainlink VRF will be applied in nearly all future implementations of new features in the ecosystem that require randomness, the firm said.

Founder of DFSocial, Ibay Amor said:

“Integrating Chainlink into the DFS Gaming platform was imperative in the growth of our user base and the security it provides when computing and delivering random numbers. Chainlink’s technology will ensure that all DFSocial smart contracts are as secure and reliable as possible while also allowing for the evolution of our rewards systems to develop efficiently.”

Chainlink Price Is Expected To Reach These Levels

If the Chainlink price breaks below the $13.50 support wall, it will drop to the $12 level.

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