Chainlink cryptocurrency prices have been finding it difficult to find stability after the May 19 crash and have stayed below the basic demand barrier since then. However, LINK has turned around the fortunes as the latest trends suggest an upswing in the prices. According to an official statement from the Chainlink developers, it will create applications to access this data through a Chainlink node. This will allow the users to use on-chain sports applications, fantasy games, or traders who will require information to automate a trade. The upgrade in the technology will increase its demand in the market, therefore picking up its price.
The announcement by the developers said, “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.” Billionaire Bunny Club will be using the Chainlink’s Variable Random Function (VRF) to provide the users with ten random Bunny NFTs using Random Number Generator (RNG). Therefore, the entire process will be transparent and fraud-proof.
LINK prices look for a lift-off
LINK price has spent the majority of this year crawling under the 50% Fibonacci retracement level at $33.2 and is currently expected to move above it. Moreover, Chainlink prices rapidly went up recently which could be a signal regarding a shift in the market structure. However, as long as the LINK prices stay above $29.80, it is expected to remain in demand. As the current price is fixed at $33.2. it offers a clear indication that an uptrend is expected and it could climb up to 70.5% Fibonacci retracement level at $41.35. This mammoth increase would constitute a 36% ascent and if Chainlink extends its prices to the bigger barrier of $44.73, it will be a 50% increase in the market value of LINK in a very short period of time. If the LINK prices fail to increase in the short-term future, it would mean that the bullish thesis has been invalidated.