- Link price analysis highlights Chainlink’s price action around a stubborn resistance level.
- Bypassing the $19.50 resistance barrier would open the door for more uptrends.
- To rebalance portfolio assets, BarnBridge has integrated with Chainlink Keepers.
- A decisive close below the $15.91 support line would invalidate all bullish projections.
Since June 22, the Chainlink price action has been consolidating just above the token’s range low. As Chainlink’s price movement tightens, market participants should expect a colossal price upsurge that would shatter significant resistance barriers in the region. The current bullish outlook of Chainlink coincides nicely with the ongoing adoption of Chainlink products and the crypto asset.
Link Price Analysis: General price overview
Recently, BarnBridge took to the media to announce that it would use Chainlink Keepers’ functionalities in its new release, the SMART Exposure. This new product seeks to be an easy way of obtaining a consistent exposure ratio for an asset pair. Usually, market participants who believe that one asset will outshine the other usually hoard them in a particular fashion. Due to the volatile nature of cryptocurrency, if the value of these crypto-assets change, the SMART Exposure product would rebalance their price automatically. The new product seeks to do this through the Chainlink Keepers functionalities to ensure a pair maintain their required ratio.
This product seeks to work by sending a signal to the SMART Exposure platform whenever the ratio of an asset pair swerves below a fixed threshold. Once the signal is sent, the platform will commence with the rebalancing of the portfolio. According to BarnBridge, the company is looking into adopt Chainlink Price Feeds soon to its Smart Alpha product.
LINK price movement in the past 24 hours
According to LINK price analysis on the 24-hour price chart, the crypto asset is trading largely sideways. What this price action indicates is that buyers are available but under the current market price. This could be a good thing for Chainlink’s price movement. At the time of writing, LINK is exchanging hands at around $19.258.
Additionally, from the 24-hour price chart, it is evident that LINK’s price action has formed a minor extension, ranging from $15.89 to $19.51. At this range, LINK’s price movement has been consolidating since June 24. Although the price of Chainlink managed to bypass this extension level on June 29, the token plunged back in.
According to critical technical indicators, LINK’s price action can only break away above this range if it produces a solid 4-hour candlestick close above the immediate resistance barrier. This is at $19.51. Such a move will likely push LINK’s price towards the $20.51 price region registered on June 29. In such a case, sidelined investors will rush back towards buying LINK tokens. If this happens, the expected buying pressure will push LINK’s prices towards the June 20 swing high at around $22.05. At this level, LINK is likely to launch a retest of the $24.60 resistance barrier. If the bulls continue with their pushing, Chainlink could settle around the mid-point region at around $25.24.
LINK 4-hour chart
On the other hand, if we look at LINK price analysis on the 4-hour chart, if the crypto asset fails to settle above the $19.51 region, it will likely retrace back to the $17.29 support barrier. Although this is not a positive price action, it will give the bulls another try to rally the coin.
If things take a different turn, a potential surge in selling pressure would see Chainlink slicing through the $15.91 demand barrier. Such a move would invalidate all bullish outlooks, subjecting the Oracle token to retesting the $14.98 range low.