Briefly –
- Chainlink has its price retracing currently as the coin tries to secure support to trigger new highs.
- PolyWhirl adds Chainlink VRF to secure and decentralize token burns.
- If the asset breaches the support at $15.04, it will annul the bullish thesis.
Chainlink’s price had impressive rallies over the previous week. However, the token didn’t manage to break its crucial supply obstacles. The failure to defeat this resistance level resulted in the recent pullbacks the network experiences.
Meanwhile, the corrections present an opportunity for buyers to take LINK higher.
VRF Receives another Integration
Recently, a DEX private transaction network PolyWhirl declared incorporating Chainlink Verified Random Function (VRF) on Polygon’s blockchain. With such a move, the ecosystem will acquire an auditable, reliable, and tamper-proof source to ensure randomness on the platform. That way, PolyWhirl may autonomies and guarantee fair opportunities for purchasing WHIRL and burn them using the protocol fee by PolyWhirl.
Also, the network achieved another milestone as MyCryptoCheckout, a crypto payment gateway, integrated Chainlink’s price feeds. With the feeds, the transaction platform will be reliable, tamper-proof, ensure updated and quality-price data. The announcement highlighted that the adoption would utilize the price stats for ETH-USD, BTC-USD, and BNB-USD.
LINK Retraces before Moving Higher
On 20 June, LINK formed a supply area ranging between $19.30 and $21.65. That came as the coin crashed to $14.98 after losing 32%. Keep in mind that the resistance zone has suppressed LINK’s rallies four times over the last month.
The recent battle at this barrier led to an 11% retracement, having LINK at $18.10 while writing this. The correction can extend drops towards the support at $16.18 before the network notices a massive buying pressure.
With enough bullish momentum to defeat the $16.18, traders might see LINK tagging the lower border of the supply area at $19.30. That means a 19% surge with possibilities to take LINK towards $21.27 and $22.06 with magnified buying pressure.
Though the high probability for upswings, traders need to consider a possible move that might smash the $16.18 support. Such plunges would denote a fading buying pressure.
Meanwhile, a move to break the demand barrier at $15.04 will nullify the bullish case. With that, LINK can endure a sell-off towards $17.38, 20 July lows.
The recent developments and adoptions might see LINK surging 30%.