- Chainlink price has been hovering below a crucial resistance at $28.20 for the past two weeks.
- A decisive close above this barrier will likely propel LINK 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.
CEO of Firework GamesRadesh 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
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 $19.59 or $18.59 support floors.