- Chainlink price is currently above a crucial barrier at $29.8, suggesting the start of a new uptrend.
- A decisive close above $33.2 will serve as secondary confirmation to the bull rally.
- Associated Press will utilize LINK blockchain to store economic, sports and race data.
Chainlink price has been struggling for after May 19 crash and has stayed below a crucial barrier since then. However, LINK is turning around as it coils up to grapple with this hurdle and trigger a new upswing.
Associated Press leverages Chainlink blockchain capabilities
Associated Press will store critical data onto the Chainlink blockchain. According to the official announcement, developers will create applications on the blockchain to access this data via a Chainlink node.
Users can use this data to build on-chain sports applications, fantasy games or traders requiring information to automate a trade. AP believes that blockchain is a fundamentally important technology that will play a pivotal role in our day-to-day lives.
The announcement further adds,
Because AP is such an important source for fact-based and trusted information around the world, we see this as an opportunity to provide blockchain users with data and info they can trust. We believe that blockchain networks are a fundamentally important technology because they not only allow but demand veracity.
On a similar note, Billionaire Bunny Club is utilizing Chainlink’s Variable Random Function (VRF) to airdrop ten random Bunny NFTs using Random Number Generator (RNG). As a result, the process will become transparent, fraud-proof and exciting for participating users.
LINK price prepares for lift-off
LINK price has spent more than five months under the 50% Fibonacci retracement level at $33.2 and is currently coiling up to move beyond it. Moreover, Chainlink bulls pierced through the supply zone ranging from $27.01 to $29.80, signaling a shift in the market structure favoring the bulls.
As long as LINK price stays above $29.80, it will remain bullish. However, a decisive close above $33.2 will serve as a secondary confirmation of the uptrend and kick-start a move toward the 70.5% Fibonacci retracement level at $41.35. This climb would constitute a 36% ascent. However, if Chainlink extends its rally to the next barrier at $44.73, it will indicate a 50% increase in the market value of LINK.
LINK/USDT 1-day chart
On the other hand, if the LINK price fails to hold above the demand zone, ranging from $27.01 to $29.80, it will invalidate the bullish thesis. In such a case, Chainlink could head lower to retest the $25.40 support level, where it could give the uptrend another go.