Chainlink Price Prediction: LINK Struggles To Break Above $23.50 Resistance

Daily Chainlink LINK Technical Analysis

Last Updated August 4th 2021
2 Min Read
  • The Chainlink price is hovering between $23.50 and $22 for the last 4 days.
  • The relative strength index (RSI) is trending at the edge of the overbought zone.

The Chainlink price is presently stuck below the $23.50 resistance barrier following a recent bullish rally. Before that, LINK had dropped from $20 to $13.70 between July 7 and July 20. This drop has flipped the 20-day SMA from resistance to support.

Chainlink Price Can’t Cross Above $23.50 Resistance

Over the last four days, the Chainlink price is trending between $22 and $23.20. The $23.50 resistance barrier has prevented an upward surge. Before this, LINK had jumped from $13.75 to $23 between July 21 and July 31

During this jump, LINK managed to:

  • Flip the 20-day and 50-day SMAs from resistance to support.
  • Flip the parabolic SAR from negative to positive.

The recent sluggish movement has prevented the relative strength index from entering the overbought zone.

Image: LINK/USD daily

LINK/USD daily chart 080421

As per IntoTheBlock’s IOMAP, the Chainlink price dropped after meeting a strong resistance barrier at $23.50. Previously, at this level 10,000 addresses had purchased almost 13 million LINK tokens at this line.

Image: IntoTheBlock

LINK/USD volume chart 080421

ParaSwap Will Integrate Chainlink Keepers 

ParaSwap recently announced that it is integrating Chainlink Keepers on Ethereum to bring limit order functionality to its DEX aggregator protocol. ParaSwap is a DEX aggregator that routes users’ trades through one or multiple different DEXes to get them the best price with the least amount of slippage. Chainlink Keepers use decentralized and provably reliable off-chain computation to monitor user-defined conditions and then call on-chain functions once the conditions are satisfied.

ParaSwap said that it will leverage Chainlink Keepers to trigger the execution of users’ limit orders when asset prices cross predefined price points. This will empower traders to better manage their portfolios and hedge against volatility without manual interventions, ultimately helping them sleep better at night.

Currently, ParaSwap is compatible with most DEXs, including Uniswap, SushiSwap, Bancor, Kyber Network, Curve, 0x, and more. ParaSwap noted that it could split a single transaction into multiple orders across various DEXs and route orders through different assets. 

"In order to improve the utility of ParaSwap, we wanted to bring limit order functionality to our DEX aggregator. This will allow users to set trades that execute only once certain price points are hit, such as selling 10 ETH only if ETH drops below $2000 USD or buying 10 ETH only if ETH goes above $2200."

The firm said that Chainlink Keepers provides a decentralized solution that is cost-effective, reliable, and upholds the same security guarantees of the blockchain. Chainlink Keepers will be used to monitor users’ limit orders off-chain against global asset prices and execute them on-chain in a verifiable way once certain price points are hit, it added. 

Mounir Benchemled, Founder of ParaSwap, said:

“Integrating Chainlink Keepers will enhance the trading experience on ParaSawp by empowering users to attach custom conditions to their trades. Given the historical reliability of Chainlink services and their optimizations around decentralization and low fees, our users will have a cost-efficient and highly reliable way to automate trades while still anchoring the security of limit order functions to the underlying blockchain.”

Chainlink Price Is Expected To Reach These Levels

The Chainlink price could potentially drop to the $20.50 support wall.

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