Chainlink’s VRF functionality gains another integration, but LINK price crashes
|- Chainlink’s VRF functionality is integrated by Upshot to appraise NFTs in real-time.
- Coinversation Protocol announced the use of Chainlink price feeds to secure its platform.
- LINK price has undone its 12-hour gains due to the recent market crash and looks for more downside in the short term.
Chainlink price reveals a sell signal that could delay its recovery from the current sell-off. However, the adoption of the oracle token's blockchain and its functionalities are going forward without a hitch.
Oracle price feeds and VRF adoption soars
Two projects, Upshot and Coinversation, recently announced their integration with Chainlink’s VRF and oracle-based price feeds, respectively.
Upshot revealed the introduction of Chainlink’s Variable Randomness Function (VRF) to help select random members to appraise NFTs.
Although NFTs are low-velocity assets, Upshot wants to put an end to this by introducing near real-time price feeds for crowd-sourced NFTs.
The blog reads,
This use of Chainlink’s VRF both increases the cost of manipulating NFT appraisals and makes the system more efficient by only requiring a small, fixed number of appraisers’ responses to be considered and/or scored.
Coinversation, an AMM-based DEX on Polkadot, divulged that it would be integrating Chainlink price feeds to ensure that the synthetic assets issued/traded on the platform are fairly priced.
Introducing Chainlink’s oracle services that are tamper-proof, secure and high quality will help protect users against API downtime, flash crashes and data manipulation attacks from flash loans.
LINK price looks to slide lower
On the 12-hour chart, LINK price shows the formation of a lower high after breaking out of the range-bound consolidation. To make matters worse, the Momentum Reversal Indicator (MRI) has flashed a cycle top signal in the form of a red ‘one’ candlestick, suggesting that a reversal could be underway.
This setup forecasts a one-to-four candlestick correction.
Hence, the immediate support at $38.70 is the first line of defense, a breach of this level will allow sellers to push the oracle token to the upper range at $36.91.
Interestingly, this level coincides with the demand zone that extends from $35.03 to $36.91.
Therefore, this area of interest will most likely allow the buyers to come to the rescue. If this were to happen, LINK price could kickstart its next leg up that could potentially target its all-time highs at $44.37.
The formation of a higher high above this level indicates the persisting bullish momentum that might push Chainlink price to new all-time highs.
LINK/USDT 12-hour chart
On the other hand, if the bears produce a decisive close below $35.03, it would jeopardize the upswing. However, a breakdown of $33.96 will invalidate the bullish thesis and kick-start a move to the 50% Fibonacci retracement level at $31.06.
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