Chainlink price has been struggling for after May 19 crash and has stayed below a crucial barrier since then. However, LINK is turning around as it coils up to grapple with this hurdle and trigger a new upswing. Users can use this data to build on-chain sports applications, fantasy games or traders requiring information to automate a trade. AP believes that blockchain is a fundamentally important technology that will play a pivotal role in our day-to-day lives. On a similar note, Billionaire Bunny Club is utilizing Chainlink’s Variable Random Function (VRF) to airdrop ten random Bunny NFTs using Random Number Generator (RNG). As a result, the process will become transparent, fraud-proof and exciting for participating users. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES : (TECHNICALS)

LINK price has spent more than five months under the 50% Fibonacci retracement level at $33.2 and is currently coiling up to move beyond it. Moreover, Chainlink bulls pierced through the supply zone ranging from $27.01 to $29.80, signaling a shift in the market structure favoring the bulls.

As long as LINK price stays above $29.80, it will remain bullish. However, a decisive close above $33.2 will serve as a secondary confirmation of the uptrend and kick-start a move toward the 70.5% Fibonacci retracement level at $41.35. This climb would constitute a 36% ascent. However, if Chainlink extends its rally to the next barrier at $44.73, it will indicate a 50% increase in the market value of LINK.

On the other hand, if the LINK price fails to hold above the demand zone, ranging from $27.01 to $29.80, it will invalidate the bullish thesis. In such a case, Chainlink could head lower to retest the $25.40 support level, where it could give the uptrend another go.

Is Chainlink Ready For Another Hike ?

farhan fazal

Oct 30 2021