- The ecosystem surrounding the Chainlink was favorable to its token’s prices.
- Chainlink price prediction remains bullish above the 50-day EMA support level of $27.48.
- Forex trading market participants should look for a buy trade above the $29.87 level with an initial target of $31.10 and $32.75.
On Tuesday, the Chainlink is trading sideways, maintaining a narrow trading range of 29.80 – 25.50. The day before, LINK/USD closed at $26.94 after setting a high of $29.92 and a low of $25.25. LINK/USD dropped on Tuesday and followed the trend set by the leading currencies. However, the Chainlink price prediction remains bullish above the 50-day EMA support level of 27.48.
The altcoin LINK has been moving sideways for the past few days after the recent flash crash in the crypto market on September 7. The LINK/USD dropped on Monday following the trend set by the leading cryptocurrencies like BTC and ADA.
Cardence Set to Integrate Chainlink Price Feeds
However, the ecosystem surrounding the Chainlink was favorable to its token’s prices. Cardence has recently announced that it was integrating Chainlink Price Feeds and Chainlink Verifiable Random Function to bring enhanced functionality to its decentralized presale platform and Launchpad.
The recent partnership between Cardence and Chainlink will enable the users of Cardence to participate in presales using multiple different cryptocurrencies. That will be possible through the highly secure and reliable market data of Chainlink Price Feeds.
Furthermore, the auditable source of on-chain randomness provided by Chainlink VRF will also help ensure fair and transparent reward distribution and IDO whitelisting.
This news has kept LINK/USD prices supportive in recent days. However, the depressing mood in the cryptocurrency market following the increased selling pressure at BTC/USD has continued to weigh on other altcoin prices, including LINK/USD.
Furthermore, the US Dollar Index, which measures the greenback’s value against a basket of six major currencies, slipped in early US trading hours amid weaker than expected US inflation data. Thus, it helped the LINK/USD pair to recover a bit on Tuesday.
Chainlink Daily Technical Levels
Pivot Point: 27.37
Chainlink Price Prediction – Daily Technical Analysis: Can it Break Above $29.90?
The Chainlink price prediction remains bullish above the 50-day EMA support level of $27.48. The LINK price struggled to recover above the $29.90 resistance against the US dollar but failed.
On the bearish side, the LINK/USD’s support prevails at a $27.85 level that’s been extended by a 50-day EMA. In the 4-hour timeframe, the 50 day EMA (exponential moving average) may help drive a buying trend in the LINK/USD pair. However, a bearish breakout of this range could drive sharp selling until the $25.50 support level.
On the bullish side, the breakout of the $29.85 level may extend the buying trend until the $30.96 resistance level. On the 4-hour timeframe, the LINK/USD has formed a bullish engulfing candle, supporting a solid buying trend in the pair. Furthermore, Chainlink has already completed a 38.2% Fibonacci retracement level at the $29.87 level. Thus, the breakout of this level could extend the bullish trend until the 50% and 61.8% Fibonacci retracement levels of $31 and $32.75, respectively.
Looking at the leading indicator, Stochastic RSI, it’s holding in a buy zone. Thus, the chances of a bullish trend dominate above the $29.87 level. The Forex trading market participants should look for a buy trade above the $29.87 level with an initial target of $31.10 and $32.75. All the best.
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