Link, the native token of Oracle Service Chainlink has been under pressure recently because a number of positive titles have failed to break down.
The token has slipped 2.8% in the last 24 hours to $ 22.4 while the larger market, as measured by the Coindesk 20 index has been little changed, according to Coindesk data. It has been negotiating 15% down since $ 27 exceeded on August 22, although it was operated by the US government to publish economic data on the blockchain and a bit of a Bit file according to a negotiated grade fund (ETF).
The cooling period follows a gathering which saw the token reserve a gain of 37% in August, one of the strongest advances among major cryptos. He also coincides with Bitcoin ether (Eth) And the wider market of cryptography has been recent since mid-August.
The losses have occurred even if the chain link reserve, an automated mechanism that buys tokens each week, essentially withdrawn from traffic and the reduction of supply, bought Thursday 43,937 links. Since its beginnings in early August, the mechanism has bought a total of 237,014 tokens, worth $ 5.5 million at current prices.
Technical analysis
- The link encountered a persistent downward pressure, forming lower ups and lower stockings as shown in the Technical Analysis model of Coindesk Research.
- The main levels of technical support established about $ 22.28 at $ 22.32.
- Strong resistance sustained in volume was formed around the level from $ 23.10 to $ 23.16.
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