Digital Asset Manager Bitwise prepares to launch a spot -based Exchange Traded Fund (ETF) focused on keeping the native token of chainlink a first in the US
According to the S-1 registration declaration filed with the US Securities and Exchange Commission on Tuesday, Bitwise Chainlink Etf aims to give investors direct exposure to link and named coinbase parent authority as the proposed depot for tokens.
The filing fits into a broader trend for asset managers seeking to launch altcoin-focused Spot-ETFs in the United States as regulatory headwinds withdrew during the Trump administration after success with Bitcoin and ether (Eth) Vehicles.
Link jumped 5% from low night on the news, but was still down by 1.6% over the last 24 hours per day. Coindesk -Data.
Despite the rebound, Coindesk Research’s technical analysis model hinted at sustained bearish pressure for link as the Crypto market undergoes a consolidation period.
Link encountered significant downward pressure over the past 24 hours and fell from a $ 24.81 session to a low level of $ 22.90.
A remarkable recovery effort emerged over 10:00 to 00-11: 00 UTC, coinciding with the ETF archiving as the price rose from $ 23.02 to $ 23.54 on an increased volume of 3.35 million units, indicating possible consolidation over the most important $ 23.00 psychological thresholds.
The model suggested that recovering the level of $ 24.00 is the key to stopping the bearish momentum, while the recent rebound involves oversolding conditions may attract value -seeking investors.
Technical indicators point to downward momentum
- The price dropped 4.67% from $ 24.61 to $ 23.46 over the past 24 hours from August 25, 12:00 to 26 August 11:00 UTC.
- Trading area of $ 1.84 between maximum $ 24.81 and at least $ 22.90.
- Volume rose to 6.58 million units, significantly over 24-hour average of 2.29 million.
- Strong resistance established about $ 24.30 with support near $ 23.00.
- Failure to recover $ 24.00 still indicates the bearish mood.
- Break below $ 23.40 Support level suggests further downward risk over $ 23.00.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
