- The Chainlink price slipped below the 20-day SMA during the ongoing session, as sellers pushed LINK below $17.
- LINK had been quite bullish at the start of the week, registering an increase of over 9% on Tuesday.
The Chainlink price continued to drop during the ongoing session as sellers continued to dominate the market. LINK had started the week on a fairly positive note, rising by 1.90% on Monday and moving to $15.90. On Tuesday, the price continued to push higher, surging by over 9%, moving past the 20-day SMA and settling at $17.36. However, LINK fell back on Wednesday, dropping by 1.32%, before dropping below the 20-day SMA during the ongoing session.
Chainlink Price Chart Indicates Sellers Looking To Push Price Lower
The Chainlink price started the previous week on a fairly positive note, rising by 4.50% on Monday and moving to $18.88. LINK fell back on Tuesday, dropping by 2.62%, before recovering on Wednesday, rising by almost 2% and moving to $18.69. LINK fell back in the red on Thursday, falling by nearly 6% and dropping to $17.57. Friday saw LINK remain bearish, as it dropped below the 20-day SMA and fell to $16.37.
Image: LINK/USD daily
The Chainlink price remained in the red over the weekend, dropping by 1.45% on Saturday and then by 3.30% on Sunday to end the weekend at $15.60. LINK recovered on Monday, rising by 1.90% and then surging by over 9% on Tuesday and moving to $17.36 after pushing above the 20-day SMA. However, LINK fell back on Wednesday, dropping by 1.32% and then slipping below the 20-day SMA during the ongoing session.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.
IntoTheBlock’s IOMAP for the Chainlink price shows us that LINK has strong support at around $16.72. At this price level, over 10,000 addresses have bought more than 12 million LINK. LINK also faces strong resistance at around $17.18, where over 5500 addresses have sold more than 11 million LINK.
The 4-hour Chainlink price chart shows us that LINK had dropped to $17.72 on the 10th. The price continued to drop from this level, going below the 50-bar SMA to $17.39. LINK was able to register a marginal increase from this level but could not move past the 50-bar SMA and fell drastically to $16.10 on the 12th. LINK continued to drop from this level, dropping to $15.95 and then to $15.36 on the 14th. The price made a strong recovery from this level, rising to $15.90 and then surging past the 20 and 50-bar SMAs and moving to $17.36 on the 16th. LINK fell back from this level, dropping back below the 20-bar SMA to $16.67, before recovering, pushing back above the 50-bar SMA and moving to its current level of $16.98.
We can see that the Parabolic SAR and MACD are bullish, but if the price continues to drop, we could see them flip to bearish.
More On Chainlink: Chainlink Price Predictions
Image: LINK/USD 4-hour
Chainlink Verifiable Random Function v2 Goes Live on Mainnet
Chainlink recently announced the release of Chainlink Verifiable Random Function, or VRF, v2. As told by its developers, the new, improved version of the random number generator can reduce transaction fees by 60% compared to v1.
Randomness is a core component of making nonfungible tokens (NFTs), and gaming applications fair and secure. On their own, blockchains and smart contracts cannot guarantee randomness but require an oracle network to deliver such solutions on-chain.
Since its launch, Chainlink VRF (v1) has become the most widely adopted random number generator solution in the blockchain industry, fulfilling more than 3 million request transactions and providing verifiable randomness to more than 2,200 unique smart contracts across multiple blockchain networks.
Popular projects like Bored Ape Yacht Club, Axie Infinity, Ethercards, and more rely on Chainlink VRF for randomness. Sergey Nazarov, co-founder of Chainlink, said:
"It is only with verifiable, tamper-proof randomness that it becomes possible to securely mint NFTs and their attributes or ensure fair outcomes in blockchain-based games."
Chainlink VRF generates a random number and cryptographic proof of how that number was determined using a combination of unpredictable block data and an oracle's private key with every new request. The cryptographic proof is then published and verified on the blockchain to prevent vulnerability and exploitation.
In addition to being live on the Ethereum Mainnet, Chainlink Network plans for deployment onto additional blockchains such as Polygon and BNB. Major upgrades in v2 include enhanced subscription management, the ability to adjust gas limits, expanded block confirmations, and the ability to request multiple random numbers in a single on-chain transaction.
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we can see that LINK has dropped during the ongoing session as sellers look to push LINK lower. If the current bearish sentiment persists, we could see LINK drop below $16.