The Chainlink price prediction is for the price to break above 44.33, on the back of bullish pressure. Chainlink is up this Tuesday after two cryptocurrency projects announced the integration of two of Chainlink’s products into their networks.
Upshot and Coinversation Protocol announced two different formats of Chainlink integrations to their respective networks. Coinversation plans to use Chainlink’s Oracle-based price feeds to power the trading of synthetic assets on its platforms. Coinversation is an automated market maker functioning in the DeFi space.
On its own part, Upshot plans to use Chainlink’s VRF functionality to make its NFT appraisal systems more efficient by reducing the cost and number of appraisals required for scoring. The LINK/USDT pair is up 3.68% as of the time of writing.
Technical Outlook for LINK/USDT
The pair is on the verge of completing the 2nd top that matches the all-time high at 44.33. The bulls require that price breaks through this resistance cap, which will form another new record high and allows for a push towards the 78.6% Fibonacci extension from the March 25/April 15 price swing at 45.86. Above this level, additional targets are found at 47.91 and 50.24, which are the 88.6% and 100% Fibonacci extension levels.
On the other hand, rejection and pullback at 44.33 allow for the price to retest the 42.42 support (May 3 high), with 40.00 (50% Fibonacci retracement) and 37.59 (April 27 high) forming additional targets to the south. Only a breakdown of the 31.74 neckline support confirms the double top, which opens the door to new targets at 26.27 and 20.12.