Chainlink's 0.85% Price Dip to $5.99: All Key Insights for August 27, 2023

Chainlink's LINK token has seen a minor 0.85% price decline over the past 24 hours, bringing its value down to $5.99.

[{"selector":"#anim-5a0bf00f-7899-473c-833d-0bd24f96a757 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-17.75627595497394%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-e5b4bf58-327e-4e46-a2e8-d009d5c92de9","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a7b47ab5-23b4-4eb4-80cb-baaa73b3a5fb","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Chainlink now has a market cap of $3.22 billion. This makes LINK currently the 13th largest cryptocurrency by this measure.

[{"selector":"#anim-aff8d0ac-17fc-44a8-beed-c7b7b2438442 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-18.32129944676405%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-2e28d1be-b13b-4fe9-a10a-e9c354322238","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ecd665fa-1aa9-40ad-a11c-e49f68c433fb","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

The declining market cap over 2022 reflects Chainlink's severe price retracement,

[{"selector":"#anim-eee47663-ef18-45dd-bd87-f7bff3b08d5c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-19.91928789694162%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-8819a362-571d-491e-8683-a8f17458a5b0","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b68afb14-f53b-49ae-a798-483867508176","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

the project still commands significant value related to its strong market position as a leading oracle provider.

[{"selector":"#anim-1fa0e6a1-dbaf-4aae-aaf4-12296906ebb8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-21.773097654807216%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}]

approximately $70.87 million worth of LINK has exchanged hands in the past 24 hours.

1-day time frame, LINK is down a minor 0.85%, extending its short-term pullback.

[{"selector":"#anim-4a78ab33-85d6-4888-9489-b9661c6d157f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-18.495171482649663%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-bf1c833d-a7b9-4973-9999-0ddeb3d14ec1","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-87a00c66-1445-4145-9928-7cc29175ff1f","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Zooming out further paints a clearly negative picture, with LINK down -2.92% this past week and a more concerning -24.83% over the past month.

[{"selector":"#anim-1607139a-ecec-44e8-9043-5198da36d3b7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-24.52651499694302%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-df8b02a7-f130-4b68-96fc-83ada3892c2d","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5011a6fc-e23d-432f-836f-1d5b2bd83d0c","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

LINK appears to be consolidating within a short-term downward channel, trying to establish a floor around $6.

[{"selector":"#anim-6fa6b924-8f05-4a49-a163-bcaec051993f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-17.207969233333642%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-72ac718b-39f4-4258-9214-dca1d9e4ad7c","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a9a87e22-0df7-401e-95f1-a243fca6829a","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

[{"selector":"#anim-6e097283-0d72-4334-a109-65f8b2bf8bad [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-17.460762134391732%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-55eb8562-7d77-46ec-9263-c4d8b591af25","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5e936af7-8804-4b56-8587-849ae645f2a1","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Near-term resistance levels to monitor are around $6.25 and $6.50. Of course, a break below $6 could spark a retest of 2022 lows near $5.

dollar cost averaging into positions during extreme fear periods can produce good results over time.

[{"selector":"#anim-5e888429-6b2d-4b10-8764-4f9fbf16815e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-19.852311460900605%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-9e48c821-3be4-4abc-bdd3-0185bf2c7c87","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-31a82809-edf8-4bed-9f35-012ea5511815","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

conservatism may be warranted in the near-term if macro headwinds like interest rate hikes persist.

[{"selector":"#anim-e6a435d4-1e58-4a87-820f-a5c07ac78b4c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-20.61737787048788%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}]

Chainlink's price action has been largely confined to a range between approximately $5.50 and $7.50 for over 2 months now.

[{"selector":"#anim-f4924e8a-a151-4d52-92f5-776cf7d6d247 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-18.878073581645168%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-e876389d-113f-4114-b19b-aa9ce382ad38","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ccb9b2a9-b852-4a08-a9ba-e5273b232d77","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]