Link, the native token for Oracle Service Chainlink has recently been under pressure as a number of positive headlines failed to break the fall.
The token slid another 2.8% over the past 24 hours to $ 22.4, while the wider market, measured by the Coindesk 20 index, was slightly changed, Coindesk -Data shows. It acts 15% lower since topping $ 27 on August 22, despite (ETF).
The cool-off period follows a demonstration that saw the token booking a 37% gain in August, one of the strongest progress among major cryptos. It also coincides with Bitcoin ether (Eth) And the wider crypto market that is withdrawing since mid-August.
The losses took place even though Chainlink Reserve, an automated mechanism that buys tokens on a weekly basis, essentially took them out of circulation and reduced supply, bought another 43,937 link on Thursday. Since its debut in early August, the mechanism has purchased a total of 237,014 tokens worth $ 5.5 million at current prices.
Technical analysis
- Link encountered persistent bearish pressure, forming lower heights and lower low lower as the wider crypto market is in a consolidation period, Coindesk Research’s technical analysis model shows.
- The main technical support levels established around $ 22.28- $ 22.32.
- Strong volume-supported resistance formed around the level $ 23.10- $ 23.16.
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