- Chainlink (LINK) contemplates a 25% upswing as the token nears a critical demand barrier around $25.24.
- Cell Land integrates LINK Price Feeds as Onii’Chain leverages VRFs to upgrade NFT functionality.
- Breaching the support floor at $22.74 will annul LINK’s bullish narrative.
Chainlink appears to trade at the end of price retracements as bulls target a comeback. Moreover, the pullback pushed the alternative token lower towards critical support levels, helping the uptrend thesis. Keep in mind that the market has endured retracements since last week.
VRFs and Price Feeds
NFTs have enjoyed a boom in the recent bullish run. Chainlink’s products played a critical part in helping networks and projects updated and increase the effectiveness of their non-fungible tokens. Recently, Cell Land, an advertising billboard based on NFT, declared integrating Chainlink Price Feeds to stabilize its NFTs pricing.
Remember, Cell Land sells its billboard (10 x10 pixels) as NFTs. That necessitated stable pricing. That is why the project decided to leverage the tamper-proof price services by Chainlink to ensure a steady exchange rate for CELL and CLD tokens.
The announcements stated that LINK’s Price Feeds would provide Tether exchange rates. Cell Land will utilize the rates to allow individuals to purchase CLD assets at a 0.04 USDT constant price at the whole crowd-sale duration.
Similarly, Onii’Chain, an NFT platform, uses LINK’s VRF for its non-fungible tokens generation mechanism. Onii’Chain team declared their excitement to integrate LINK VRF into their NFT generation scheme. The Onii’Chain team stated that they trust in ensuring a fraud-proof, highly reliable, and fair gaming experience to clients.
Chainlink Eyes 25% Uptrend
The last six days have seen Chainlink losing 19% of its price and indicates signs to retest its nearest support zone at $25.24. The support coincided with the 50% FIB retracement area. Though retesting this price barrier remain uncertain, LINK seems ready to start an upswing.
If the asset maintains this trend from its current price, LINK might retest $35.50 high. The upswing suggests a 25% uptrend. Meanwhile, if Chainlink drops to retest the support levels at $25.24 before surging to $35.50, it will trigger a 40% upsurge.
However, if LINK breaks beneath the 50% FIB retracement at $25.24, it will form a lower low that might lead to a plunge to $22.77, matching with 62% FIB retracement. A decisive candle close under this barrier will cancel the bullish narrative. LINK might retest $21.03.