- Chainlink adoption is on a constant uptick with new projects on-boarding its oracle solutions.
- Recently, Glitch Finance and Lever have integrated Chainlink Price Feeds to accelerate development.
- LINK price is has dipped below crucial levels and shows signs of recuperating losses with a 22% upswing to $21.65.
Chainlink fuels most of the DeFi projects with its reliable and accurate price data. Glitch Finance and Lever are two recent additions that will leverage its oracle solutions. While the former focuses on improving the DeFi landscape and dApps, the latter will use it to secure its lending and margin trading platform.
On the other hand, LINK price looks to retest swing highs after the recent sell-off.
Chainlink Price Feeds receive two new users
Glitch Finance, a blockchain-agnostic protocol, announced its integration with Chainlink Price Feeds to accelerate the development of ‘fully interoperable DeFi applications and secure decentralized governance model.’
Chainlink Price Feeds provides ‘price data’ for various cryptocurrencies in a decentralized and secure manner. This information is then validated on-chain to ensure broad market coverage and resistance against market volatility.
The announcement mentioned that,
the GLITCH blockchain protocol offers developers a highly scalable and low-cost delegated proof-of-stake (DPoS) network to begin building the next generation of smart contracts.
Additionally, Chainlink also secures GLITCH's governance model facilitating price-referenced token swaps to dole payouts from dApps to network participants. With the launch of Glitch's decentralized exchange, Chainlink's oracle solutions will play a pivotal role in providing a time-tested infrastructure for leveraging off-chain data and computation.
Similarly, Lever, an Automated Market Maker (AMM)-based decentralized margin trading platform, reported the integration of Chainlink Price Feeds to secure its lending protocol and margin trading platform.
This collaboration allows Lever to issue loans, check limit order conditions, verify open margin positions and help with collateralization.
On their selection of Chainlink price feeds, Lever mentioned that it is,
both accurate and reliable during extreme conditions, ensuring users are protected against exchange downtime, flash crashes, and data manipulation like flash loan attacks.
LINK price prepares for uptrend
LINK price sets the stage for lift-off after a 32% crash between June 20 and June 22. Despite rising 27% after bottoming, Chainlink price is retracing to create a potential higher low that begins a new uptrend.
If this were to happen, LINK price would likely surge 22% to retest the 70.5% Fibonacci retracement level at $21.02 and the $21.65 resistance level. Breaching $21.59 will open the path for Chainlink bulls to push to the subsequent supply barrier at $24.10 and the 50% Fibonacci retracement level at $25.21.
LINK/USDT 6-hour chart
Regardless of the optimism around Chainlink adoption, if LINK price fails to breach past the 79% Fibonacci retracement level at $19.29, it will signal weak buying pressure.
A sudden spike in bearish momentum at this position, leading to a convincing breakdown of the June 22 swing low at $15, will invalidate the bullish scenario.
In that case, Chainlink price might retest the January 13 swing low at $13.37.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: Further upside likely after hitting new all-time high
Bitcoin (BTC) surged more than 10% this week, hitting a new high of $76,849 on Thursday, buoyed by the crypto-friendly candidate Donald Trump’s victory in the US presidential election.
Cardano breaks above descending trendline, eyes April high as bullish momentum builds
Cardano extends gains on Friday, following a close above a descending trendline the previous day. Technical indicators and on-chain data show bullish momentum, suggesting a rally ahead.
Top 3 Price Prediction: BTC touches new all-time high near $77,000 following Fed rate cut
Bitcoin price rallied and reached a new all-time high of $76,849 following the US Federal Reserve’s 25 basis point rate cut. Ethereum and Ripple followed suit and closed above their key resistance levels, hinting at a possible rally ahead.
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut
Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.