Chainlink Price Prediction: LINK Bears In Control For Two Straight Days 

Daily Chainlink LINK Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Prior to Thursday, LINK has had three straight bullish sessions.
  • Chainlink price reversed the parabolic SAR from bearish to bullish.
  • From May 24 to May 26, the Chainlink price had risen from $20 to $30.50, gaining more than $10 in its overall valuation. Before this rise, LINK had plummeted by $32 and crashed from $52.50 to $20 between May 10 and May 23.

    Chainlink Price Flips Parabolic SAR From Negative To Positive

    Despite this recent bearish slump during which LINK dumped from $30.50 to $31.15 having found resistance at the 20-day SMA. However, despite this slump, there are a couple of encouraging signs for Chainlink price – the parabolic SAR has reversed from negative to positive, while MACD shows decreasing bearish market momentum.

    Image: LINK/USD daily

    LINK/USD daily chart 052821

    On the downside, the Chainlink price has a healthy support wall at $30. Previously, at this level, >11,000 addresses had purchased almost 27 million LINK tokens.

    Image: IntoTheBlock

    LINK/USD volume chart 052821

    BarnBridge Integrates Chainlink Price Feeds

    Tokenized risk protocol BarnBridge recently announced that they have sponsored two new Chainlink Price Feeds for BOND/ETH and BOND/USD. This would allow other DeFi projects to easily add support for BOND, BarnBridge's native governance token. The DeFi protocol noted that Chainlink’s decentralized price oracles would further the adoption of BOND throughout DeFi. 

    Because BarnBridge has no formally incorporated entity in any jurisdiction, staking the BOND token in the BarnBridge DAO is the only mechanism used to govern the network. With Chainlink Price Feeds in place, it will be possible for other projects to integrate BOND directly into their DeFi platforms, noted BarnBridge.

    In a blog post, BarnBridge said that Chainlink provides the infrastructure necessary to further their integration with the broader DeFi landscape,  allowing asset managers to participate more easily in BarnBridge and onboard more users to our community.

    The platform mentioned that after reviewing various oracle solutions, they chose Chainlink Price Feeds because it provides several features required to secure on-chain financial assets. These features include highly secure and reliable data feeds, a tamper-proof node operating framework, and a decentralized network without single points of failure.

    Troy Murray, Co-Founder of BarnBridge, said: 

    By sponsoring the launch of two new Chainlink Price Feeds for the BOND governance token, DeFi protocols on Ethereum and Polygon can easily add support for BOND using Chainlink’s high-quality, tamper-proof price reference data. The Chainlink Network is the industry-standard oracle solution, and we look forward to expanding our use of their decentralized services as we launch new products.

    Chainlink Price Is Expected To Reach These Levels

    The $30 support wall needs to hold strong to stall any downward movement. On the upside, the buyers will have to break past the $33 resistance wall and enter the $40 psychological level.

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