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The price of chainlink is indicating a reversal that might push it up to $25.21, a 51 percent increase.
Chainlink Price Feeds are used by Bieconomy to distribute gas payments across several cryptocurrencies.
The bullish thesis for LINK will most likely be invalidated if the support level around $16.60 is broken.
The price of Chainlink is preparing for a major bull bounce, which will change the trend from negative and choppy to positive.
Chainlink Price Feeds have been integrated on the Ethereum and Polygon mainnets by Bieconomy, a multi-chain transaction platform for Web 3.0 apps. The project calculates how much consumers pay to utilize the underlying dApps or blockchain network using current asset prices.
Bieconomy may now calculate execution costs based on the most precise, tamper-proof, and up-to-date asset prices thanks to the recent integration.
Unlike many other projects, Bieconomy lets users choose whatever token they wish to use to pay the gas fees, and it does it via their “Forward” module.
Aniket Jindal, Bieconomy’s co-founder, claimed,

Chainlink will be a vital component in our overall architecture as we pursue our aim of simplifying web 3.0.

Another project that has used Chainlink Keepers to efficiently maintain its dynamic artwork is the DeFi Network. The Chainlink Price Feeds and Keepers will assist with the maintenance of “The Curse NFT project,” which is a single dynamic NFT depicting a 3D-rendered art piece by Krystall Schott that changes in response to the Ethereum price.
Chainlink Keepers will watch and pass the ETH price to the NFT while Chainlink Price Feeds monitor and pass the ETH price to the NFT.

Keep an eye on the price of ETH off-chain and notify The Curse NFT smart contract if there are any daily price changes that are good or negative.

The NFT will display positively valenced 3D representations if the five-day change in ETH price is positive; otherwise, it will be negatively valenced.
On June 29, the LINK price swept the highs at $19.50 and set a new swing high at $20.54. Chainlink has fallen 8% since then and may continue to fall until it finds a stable support floor.
The $16.60 demand barrier is expected to support this retracement and provide a platform for future gains. A bounce from this level will run into resistance at $19.50 and $24.59 before attempting to reach the 50% Fibonacci retracement level at $25.21.
This is a 51 percent increase from the previous high of $16.60.

4-hour chart LINK/USDT
On the other hand, if the $16.60 support level fails to hold, the upswing narrative would be jeopardized. In this event, Chainlink might fall to the range low of $14.97, which would undermine the bullish thesis.
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