- Chainlink price is hinting at a pullback that could propel it by 51% to $25.21.
- Bieconomy integrates Chainlink Price Feeds to distribute gas payments in multiple cryptocurrencies.
- A breakdown of the support level at $16.60 will likely invalidate the bullish thesis for LINK.
Chainlink price is setting the stage for a massive bull rally that will shift the trend from bearish and choppy to bullish.
Chainlink Price Feeds and Keepers boost adoption
Bieconomy, a multi-chain transaction infrastructure for Web 3.0 applications, announced its integration of Chainlink Price Feeds on the Ethereum and Polygon mainnet. The project uses current asset prices to assess how much the users pay while using the underlying dApps or the blockchain network.
Therefore, the recent integration allows Bieconomy to calculate execution fees based on the most accurate, tamper-proof and up-to-date asset prices.
Unlike the plethora of projects out there, Bieconomy allows users to choose the token they want to pay the gas fees in, and it does so using their “Forward” module.
Aniket Jindal, the co-founder of Bieconomy, stated,
As we continue on our mission of simplifying web 3.0, Chainlink will act as a critical component in our entire architecture
The DeFi Network is another project that has integrated Chainlink Keepers to support its dynamic artwork efficiently. The Chainlink Price Feeds and Keepers will help sustain “The Curse NFT project,” which is a single dynamic NFT representing a 3D-rendered art piece of Krystall Schott that changes based on the Ethereum price.
While Chainlink Price Feeds monitor and pass the ETH price to the NFT, Chainlink Keepers will,
monitor the price of ETH off-chain, and let The Curse NFT smart contract know if daily price changes were positive or negative.
If the five-day change of ETH price is positive, the NFT will display positively valenced 3D renderings; if not, it will be negatively valenced.
LINK price slows down, anticipating a bounce
LINK price swept the highs at $19.50 and set up a new swing high at $20.54 on June 29. Since then, Chainlink has dropped 8% and might continue to do so until it finds a stable support floor.
The demand barrier at $16.60 is currently expected to support this pullback and serve as a platform for future gains. A bounce from this level will encounter the resistance levels at $19.50 and $24.59 before having a chance to tag the 50% Fibonacci retracement level at $25.21.
This move constitutes a 51% rally from $16.60.
LINK/USDT 4-hour chart
On the flip side, if the support level at $16.60 fails to hold LINK price, it will jeopardize the upswing narrative. In such a case, Chainlink might drop to the range low at $14.97, a breakdown of which will invalidate the bullish thesis.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.