- 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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
![Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Coin_31_02_XtraSmall.jpg)
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
![Bitcoin price falls amidst German government transfers, miners activity](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
![Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
![Three reasons why altcoins could shake off losses this week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.