ChainLink Down 5% For The Week Despite Up Market Mood

ChainLink Down 5% For The Week Despite Up Market Mood – Is It Time To Buy The Dip?

Updated: 12 July 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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ChainLink (LINK) is a blockchain platform that aims to bridge the gap between smart contracts on various blockchains and real-world data sources. It was founded in 2017 by Sergey Nazarov and Steve Ellis as a decentralized oracle network.

The ChainLink blockchain provides a secure and reliable way for smart contracts to access external events, data feeds, and payment methods. It acts as a decentralized intermediary, connecting smart contracts to real-world data and APIs.

ChainLink’s Recent Price Movements

Regarding LINK’s recent price actions, it has experienced some weakness in its value, especially since the start of July.

On July 1, the token was trading at $6.3086 and briefly reached $6.54 on the same day. Over the following three days, the price made continuous progress. However, on July 5, the token started declining from its previous highs, dropping to $6.3 from $6.5 to $6.6.

Since then, the price has declined, settling at around the $6.20 range. In the last week, the token has experienced a decline of approximately 5%.

While the general cryptocurrency market seems bullish today, July 12, ChainLink’s price is struggling to appreciate. It currently holds a price of $6.2581, which reflects a 0.1% increase in the last 24 hours.

ChainLink Price Prediction Based On Technical Analysis

The ChainLink token (LINK) currently exhibits mixed signals, suggesting that bullish and bearish scenarios are possible shortly.

Starting with the daily price of the token, it is currently positioned between the 50-day and 200-day moving averages (MA), specifically above the 50-day MA and below the 200-day MA.

This indicates a neutral to slightly bullish sentiment, as the price is above the shorter-term MA but has not crossed above the longer-term MA.

The Relative Strength Index (RSI) shows that it holds a value of 54.90. This indicates a relatively neutral market sentiment, as the RSI is neither overbought nor oversold. It suggests no significant bias towards either bulls or bears now.

Furthermore, there is a resistance level at $6.700, which the token’s price has failed to surpass for several days.

This resistance level suggests that selling pressure is in the market at that price point, and the inability to break through may indicate a bearish sentiment or lack of buying interest.

On the other hand, LINK is trading at a major support level of $6.104, indicating a strong demand for the token at this price.

This support level could potentially act as a launching pad for a bullish move, with the possibility of the price rising toward the resistance level at $6.700.

Launchpad XYZ (LPX) Sustains Growth, Now a Major Rival Of ChainLink

Launchpad XYZ (LPX) is a crypto project built on the Ethereum blockchain, designed to facilitate a smooth transition to Web3 technology.

The project offers a wide range of features and functionalities that empower individuals and businesses to navigate and leverage the latest advancements in the crypto space.

One of the core features of Launchpad is its custom-built decentralized exchange (DEX), which allows users to trade various assets securely and easily.

LPX Presale Progress

Since its inception, the LPX presale has made remarkable progress, attracting significant interest from investors. The presale phase allows investors to acquire LPX tokens at a discounted price before the official listing.

In the current presale stage, LPX tokens are valued at a highly competitive price of $0.0445, garring attention from individuals looking to invest early and secure tokens at a favorable rate. Moreover, the project’s presale fundraising efforts have also been successful.

Currently, LPX has raised an impressive amount of $1,142,513 USDT, which reflects the investors’ strong interest and confidence in the project.

The funds raised are a significant step towards the project’s target of $1,550,000, which shows that the project has already gained substantial traction and support.

How to Purchase $LPX Tokens

To purchase $LPX tokens, interested investors can follow these steps:

Secure a Supported Crypto Wallet

Using a trusted and secure crypto wallet such as MetaMask is recommended. Download and set up the wallet on your preferred device, following provided instructions.

Protect Your Wallet

Once the wallet is set up, take the necessary precautions to secure it. Use a strong password and enable two-factor authentication to protect it from unauthorized access. Also, safeguard your wallet’s recovery phrase or seed phrase in a secure location.

Acquire ETH or USDT

To swap for $LPX tokens, you’ll need Ethereum (ETH) or USDT (Tether) in your wallet. You can purchase these tokens from reliable virtual currency exchanges or platforms if you don’t have them.

Link Your Wallet with the Presale Project

Visit the official presale website of the $LPX token and look for a “Connect Wallet” button or similar option.

Select the option to connect your wallet to the presale project. This connection lets you interact with the presale smart contract and participate in the token sale.

Complete the Token Presale Order

Once your wallet is connected, you will access the presale order process.

Follow the instructions on the website to enter the desired amount of $LPX tokens you wish to purchase using the USDT or ETH you initially bought. Ensure you carefully review and confirm the details.