Native symbol of Oracle Network has sunk at its weakest price since the beginning of August and abandoned the last week’s winnings in the midst of the wider crypto market’s weakness.
Link dipped cards under $ 20 more times overnight from Thursday to Friday and dropped about 4% over the last 24 hours and down almost 28% from August heights.
The move happened despite consistent buying activity. On Thursday, Wealth Management Firm Caliber (CWD) bought an additional $ 4 million in the Link -Tokens as part of its digital asset tax strategy. With the latest purchase, the company brought total link holdings to $ 10 million according to the press release.
Chainlink Reserve, a facility that buys tokens using revenue from protocol integrations and services taking the offering from the open market also bought on Thursday almost 47,903 link, worth just shy for $ 1 million at current prices. The initiative has purchased over 370,000 tokens ($ 7.5 million) since the launch in August.
Despite the Bearish trend, link shows signs of snapping its downward trend with buyers defending the $ 20 price level, Coindesk Research’s technical analysis model suggested. However, Bulls must push through the subsequent resistance cluster about $ 20.57 for a more sustained trend change.
- Price Movement: Link withdrew 5% from $ 21.16 to $ 19.95 before rebuilding to $ 20.26, showing significant intraday swing with fixed support at $ 20.00 psychological barrier.
- Macroeconomic Impacts: Broad-based Cryptocurrency Volatility Mirror Mirror Wider Risk Aversion Mood as Bitcoin dropped below $ 109,000 and larger Altcoin tumbled.
- Microeconomic components: Excellent trading volume exceeding 5 million units during sale suggested institutional participation, while the following recovery on continuous buying interest indicates robust underlying appetite on link -tookens.
- Volume assessment: Excellent volume of 5,031,849 units during decline created fixed support for $ 19.95 threshold.
- Support zones: Essential Support Region identified between $ 19.95- $ 20.00 with multiple successful validations.
- Resistance target: Subsequent resistance cluster located near $ 20.57 with intermediate resistance to $ 20.30- $ 20.35.
- Momentum Signals: Bullish measured movement formation indicates sustained momentum capacity upwards.
