The new partnerships secured by the Chainlink network do not appear to have significantly produced bullish Chainlink price predictions. The price action on the LINK/USDT pair has registered some upside push but appears to have hit a brick wall just above the 26.00 mark.
Yesterday, the Crypto Volatility Index (CVI) creators said they had integrated Chainlink’s automation service into the index to provide a rebalancing of its volatility tokens. This rebalancing will be done daily to provide an accurate measure of the volatility of the listed cryptos.
Despite exhibiting some bullish action, the Chainlink price activity needs to push beyond the immediate barrier to prevent a potential decline.
The attempted break of the 26.27 resistance appears to have stalled intraday, as buying volumes fail to overwhelm the previous day’s selling volumes. This resistance needs to give way before the 28.76 barrier comes into the picture. 31.74 and 34.98 are additional targets to the north.
On the flip side, a breakdown of the consolidation area’s lower border could signal the completion of an evolving bearish flag. This move opens the door towards 16.48 as the completion point of the measured move. However, the support pivots at 22.47 and 20.12 constitute price obstacles along the way.