• Chainlink price has been hovering below a crucial resistance level at $28.20 for the past two weeks.
  • A decisive close above this barrier will likely propel LINK up by 55% to $41.35.
  • If the bears produce a decisive close below the $21.65 support level, it will invalidate the bullish thesis.

Chainlink price has been consolidating for over two weeks without any signs of a breakout. However, as a crucial resistance barrier weakens, investors can expect LINK to shatter through it and set higher highs.

Fireworks Games integrates Chainlink VRF

Chainlink has been the go-to oracle in the cryptocurrency ecosystem and its subsets. With a majority of the applications and platforms connected to the oracles, LINK seems to be the glue holding the space together. 

In a recent announcement, Firework Games: Spark Era Trilogy revealed that it integrated Chainlink’s Verifiable Random Function (VRF) on the Polygon mainnet. The tamper-proof and auditable source of randomness is needed to empower the loot box system and all in-game mechanics that require randomness.

Since Chainlink features are transparent, it allows a good gaming experience and a fair “Play-to-Earn” gaming environment. 

The CEO of Firework Games stated,

I believe that Chainlink is one of the most famous projects in the crypto space. By using Chainlink VRF, our players will have more confidence in terms of fair gameplay and help our community grow exponentially.

This integration is not the first time Chainlink VRF has been used. Many NFT projects or gaming platforms use VRF to randomly drop loots or crates for in-game users. Leveraging the randomness of VRF will help make the games fair and more enjoyable.

In addition, Chainlink recently implemented high-quality XAU/USD and JPY/USD market data that the projects in the cryptocurrency space can use to build products.

Chainlink price struggles but is ready for a massive uptrend

Chainlink price has been trying to breach the $28.20 resistance barrier for over two weeks but has failed. The recent rejection has pushed LINK down by 8.7% to where it currently stands. From September 21, Chainlink price has set up three higher lows, indicating an uptrend. As long as the overall structure of LINK remains intact, investors can expect Chainlink price to retest the overhead barrier at $28.20 and breach it.

Producing a decisive close above this will not only scare the bears, but it will allow the buyers to jump on the bandwagon. This move will serve as a thrust, kick-starting a new uptrend for LINK.

In this case, Chainlink price can rally 55% to tag the 70.5% Fibonacci retracement level at $41.35.

LINK/USDT 1-day chart

LINK/USDT 1-day chart

Chainlink price needs to shatter the $28.20 barrier to kick-start an uptrend. However, failing to do so will either delay the move higher or prevent the upswing altogether. A pullback here is likely to knock LINK down to $21.65, a breakdown of which will create a lower low, invalidating the bullish thesis.

Failing to recover above this barrier quickly will drag the oracle token to the $19.59 or $18.59 support floors.


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


Recommended Content

Editors’ Picks

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. 

More Ripple News
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.

More Dogecoin News
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.

More Hedera News
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.

More Ethereum News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP