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Chainlink (LINK) has not had its fair share of bad news regarding price movements lately. In fact, the Chainlink price declined from a high of around $50 reached in early May to a low of $16.40 on June 27. That price crash represents a 70% drop from the peak and could have signified further stagnation in the Chainlink price. However, the last few days have seen some bullish movement from LINK with the price rising by around 25% to the $21 level. This price for LINK has not been seen since 21 June when another crash took the price down to the $16.50 level mentioned earlier.

Short Term Chainlink Price Forecast: An Attack On The $30 mark?

Chainlink price

After having regained the psychologically significant $20 level, the Chainlink price appears to be forming a bullish uptrend to attack the next level of resistance. With a 25% gain since June 27 when the price reached a monthly low, LINK has been accumulating quite bullishly as more buyers enter the market. The considerable gains made over the past few days offer interesting opportunities for the short-term investor.

The Chainlink price set up a range between $15.90 and $19.50 and has been in consolidation since June 25. There was an attempt to break this level on June 29, but a slight retracement put the price below that level again. However, since the price has now closed above the $19.50 level, further gains are to be expected. A 6.5% gain over the past 24 hours is a testament to this bullish thesis.

Buying pressure may also persist and the Chainlink price could move forward further to surpass the $22 level. The next resistance is just under the $25 mark at $25.50 but if this is breached then LINK could go all the way to $30.

However, if the Chainlink price fails to hold this level then the bearish thesis will come into play. If the price is not sustained above the $19.50 mark, then it would likely retrace to the $17.30 support level. Selling pressure may then come into play with the price descending further to the $15.90 level and a low of $14.95 which would be that range low. However, this scenario seems unlikely to occur due to bullish sentiment prevailing at present.

New partnerships Prove Positive For Chainlink

A new partnership between Chainlink and investment broker BarnBridge is also good news for the long-term future of the LINK price. BarnBridge recently announced that it would be using the functionality of Chainlink Keepers in its new product which is called SMART Exposure. This is a useful tool to obtain constant exposure ratio for asset pairing.
Normally, investors who believe that one particular asset will outperform another holds these assets in particular ratios. With the inherent nature of cryptocurrencies, volatility remains an issue. The SMART Exposure product will now rebalance the portfolio according to Chainlink Keepers signals. Definitely a useful tool within the context of the volatile crypto market.

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