Chainlink Keepers to automate asset ratio rebalancing for Barn Bridge as LINK price eyes 33% upswing

  • Chainlink price is hovering around a stubborn resistance barrier at $19.47, the breaching of which will open the path for more gains.
  • BarnBridge integrates Chainlink Keepers with SMART exposure to help rebalance portfolio assets.
  • A breakdown of the support floor at $15.91 will invalidate the bullish thesis and trigger a sell-off to the range low at $14.97.

Chainlink price has been consolidating just above the range low since June 22. As the price action tightens, investors can expect a massive volatile up move that shatters immediate resistance barriers in the vicinity.

The bullish view coincides nicely with the rapidly increasing adoption of Chainlink and its products.

BarnBridge integrates Chainlink Keepers

In a recent announcement, BarnBridge stated that it would use the functionality of Chainlink Keepers in its new product - SMART Exposure – which is an easy way of obtaining a constant exposure ratio for an asset pair.

Investors who believe that one asset will outperform the other typically hold them in a particular ratio. Due to volatility, if the price of these cryptocurrencies change, SMART Exposure rebalances them automatically via Chainlink Keepers to maintain the required ratio.

When the ratio of the assets deviates below a fixed threshold, Chainlink Keepers will send a signal to SMART Exposure to begin rebalancing the portfolio.

BarnBridge CTO and Co-founder Milad Mostavi stated,

We’re excited to implement Chainlink Keepers into SMART Exposure, further decentralizing its execution using a time-tested and battle-hardened network of highly reliable automation bots.

In the future, BarnBridge plans to adopt Chainlink Price Feeds to its SMART Alpha product.

Chainlink price looks to set up higher highs

Chainlink price set up a minor range, extending from $15.91 to $19.50 and has been consolidating in it since June 25. Although LINK briefly moved above this range on June 29, it slipped back in.

The current attempt is likely to succeed if Chainlink price produces a decisive 4-hour candlestick close above $19.50 and sweeps the highs at $20.51 set up on June 29. Such a move will signal the sidelined investors to jump on the bandwagon. 

If this were to happen, the resulting buying pressure would propel Chainlink price to $22.06, the swing high formed on June 20, followed by a retest of the resistance barrier at $24.59. If the buying pressure persists, LINK might tag the mid-point of the range at $25.23.

LINK/USDT 4-hour chart

LINK/USDT 4-hour chart

On the other hand, if Chainlink price fails to sustain above $19.50, it will retrace to the support barrier at $17.29 and give the upswing another try.

Under certain circumstances, a potential spike in selling pressure that pushes LINK to slice through the demand level at $15.91 will invalidate the bullish thesis. In such a case, the oracle token might retest the range low at $14.97.

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