LINK Targets $7 – Is the Market Bullish on Its Prospects?

On Aug 25, 2023

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Chainlink (LINK) relapsed after attempting a bullish rebound on August 23, 2023. The token has slipped off the month and week peak values of $8.06 and $6.4, respectively, and trades below $6.

Whether the token will retest the $7 mark and regain the lost valuation to $8 depends on how high the bulls can rally in the coming days. However, the slight 16% uptick in trading volume suggests increasing buy activity, which could trigger a bullish outlook before the day ends.

LINK Dumps Past Gains Amid Heightened Bearish Pressure, Will Bulls Rally Again?

LINK has been under bearish pressure since August 15, losing over 20% of its past month’s gains and down nearly 4% in the last seven days. As of August 25 at 4:21 AM, LINK traded at $5.989, indicating a 5% price drop in the previous 24 hours.

Again, CoinGecko data reveals that the coin has lost 21% of its valuation in the past two weeks.

LINK Remains at Lower Bollinger Band. Hope for Traders?

The chart above shows persistent selling activity in the LINK market, evident in the appearance of the red candlesticks. Again, the market outlook reveals that LINK is within the lower Bollinger band, confirming the prevailing bearish momentum of LINK.

While the ongoing downturn continues, a break below the lower Bollinger band could trigger panic selloffs, causing traders to short their positions, a move that will likely escalate the downtrend.

Meanwhile, the red MACD histogram bars have faded, suggesting the bears are giving up market control as more buyers join the market. LINK’s Relative Strength Index (RSI) at 32.48 and approaching the oversold zone is a sign of a possible price rebound.

However, investors should trade cautiously and employ suitable risk management strategies before trading.

LINK’s Support and Resistance Price Levels Analysis

From the chart above, LINK supported the $5.932 after dropping from the $7.035 and $7.634 resistance levels. And if the selling pressure continues, LINK’s price could fall below the support today. Should the asset break below this current support level, the next target would be the $5,000 support.

Nonetheless, if the bulls take control of the market, their actions may facilitate a bullish recovery to the $7.035 resistance level, a potential entry point to the $7.634 resistance. The next few hours are critical for LINK as the outcome of the bull/bear struggle will determine the upcoming trajectory for the token.

Chainlink CCIP Could Push LINK’s Market Value

Chainlink created a cross-chain interoperability protocol (CCIP) to enable users in the Web3 space to transfer data flawlessly between blockchains. The network announced the CCIP launch on its mainnet through Reddit, one of the popular social media platforms.

The CCIP provides what Chainlink calls a plug-and-play solution to help investors transfer all cross-chain tokens. It will also allow the transfer of encapsulated tokens (lock-and-mint) and native transfers (burn-and-mint).

Chainlink’s CCIP is designed with security at heart, combining cryptographic verifications, decentralized consensus, and firmly controlled codes to make it stable.

Moreover, the CCIP is uniquely architected to include instructions when sending tokens across various chains. This instruction will allow investors to state their intentions for sending decisions across multiple blockchains.

This means that a user can send USDC from the Ethereum network to the Optimism network, convert it to ETH, and utilize it as collateral by depositing it in a financial market.

Furthermore, the CCIP will improve cryptos’ lending and borrowing experience in the decentralized finance sector. This will attract more investors to LINK’s market as the project proffers substantial solutions in the DeFi sector.

Wall Street Memes ($WSM) Holds Frenzy in Crypto Meme Sector

Wall Street Memes presale has recorded tremendous progress and success. Its achievement over the past two months has thrilled investors.

The online investment family has embraced the project, which presents itself as a revolution in the crypto meme niche, owing to its recent presale milestone of $25 million.

This shows strong support and backing, attracting more investors to the project. Due to $ WSM’s impressive presale achievements, investors expect the token’s market value to surge when listed on crypto exchanges.

$ WSM’s Undisputable Presale Performance

The fascinating project, which has 30 presale stages, recorded remarkable successes in each step despite increment in the issuing value across these stages.

Today, the presale is in the final phase and has hit over $25 million, presenting a slim chance for investors to join the project. The massive presale achievement places WSM among the most viral meme tokens in 2023 and demonstrates a high investor interest in the meme crypto project.

A single $WSM token equals $0.0337, and information from the project’s website shows that the presale will end in less than 33 days. To boost accessibility and liquidity, the project’s founders promised to launch $WSM on tier 1 centralized crypto exchanges (CEX).

The team at Wall Street Memes introduced a Stake-to-Earn mechanism, which will allow investors to stake $WSM and receive rewards. The staking activity will enable the project to sustain a price balance and encourage trading activities.

Moreover, the team kept aside 20% of $ WSM’s total token supply of 2 billion for decentralized exchange and centralized exchange liquidity. This is a sign of commitment to the project by the founders, as the liquidity will also ensure price stability in the token market.

Amazingly, the asset is expected to hit a $1 billion market cap when listed on crypto exchange platforms. Information on the official project’s website shows that the $WSM tokens will be claimed a few days after the initial coin offering (ICO) ends.

The date for investors to claim $WSM will be announced on the website and across Wall Street Memes’ social media handles.

Crypto meme lovers can quickly join the movement through the presale website, connect their wallets, and use either fiat currency or cryptos to acquire $WSM.

Wall Street Memes – Next Big Crypto