LINK Price Prediction Indicates Possible Trend Reversal, Is Burn Kenny ($KENNY) a Potential Competitor

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Chainlink is a blockchain project with LINK as its native token. The project is built on the Ethereum network to make it possible for real external data supplies to connect with smart contracts.

Chainlink is an open-source blockchain that allows individuals to participate in its improvement by suggesting and also giving useful contributions.

The token, LINK, is used for two main purposes, as smart contracts collateral in its platform and to reward the operators within the network.

The Price Performance of LINK

LINK is ranking No. 21 on CoinGecko with a price gain of 20% at $8.205 and a market cap of $4 billion today, July 20, 2023, at 08:49 EST in the last 24 hours.

The asset recorded a 24-hour trading volume of $868 million. Also, in the past 14 days, LINK has gained 30% but has fallen about 84% from its all-time high of $52.70.

LINK May Witness Price Retracement

Technical analysis shows that LINK trades in the bullish trend but may experience a trend reversal. The asset trades above the 50-Day and 200-Day Simple Moving Average (SMA). This means that the coin is in a bullish trend.

LINK’s Moving Average Convergence Divergence (MACD) is above the signal line with a solid green histogram bar. This indicates that the asset is bullish.

Again, the coin has the Relative Strength Index (RSI) at 73.12 in the overbought zone. This shows that the asset is bullish but might witness a trend reversal.

Resistance and Support Levels for LINK

The charts above show that bulls are in control of the coin market. If the bulls could hold tight on their actions, the market price may reach the $8.591 resistance in the future.

However, if the bears increase selling pressure, they might cause the token’s price to fall in market value which might hit the $6.210 support. If the bulls do not increase their effort to take control of the asset market, the bears may continue with their bearish momentum.

This action could trigger fear among investors, thereby forcing the price of LINK to drop, which might reach the $6.006 support.

Crypto Analysts Predict the Future Prices of LINK

Experts at Changelly predicted that the token could have an average price of $8.03. It could drop to $7.76 and may have the price of $8.90 as its maximum value.

Some technical analysts at Coincodex stated that by 2024, the asset is like to have a yearly minimum price of $6.944 and could rise to $33.96 before the end of the year.

Moving to 2025, they also predicted that LINK might have its market values around $ 49.03 for the highest price and $ 14.73 for the lowest price.

However, a team of crypto experts at CryptoNewsZ noted that by 2023, the asset could have the minimum and maximum prices at $5.47 and $13.29, respectively.

Meanwhile, a technical group at AMB Crypto predicted that by 2023, the token may be trading within an average price of $2.45. It may drop to $1.96 and likely rise to $2.94.

Possible Factors That Could Affect LINK Price

As of July 17, Chainlink launched a new protocol referred to as the Cross-Chain Interoperability Protocol (CCIP). This protocol will be available for users in Ethereum, Polygon, Avalanche, and Optimism blockchains.

The protocol will help to provide a more efficient connection of the blockchains and the technology of the banking system to form a unit inter of contracts.

Aside from that, CCIP protocol will let developers contribute to solving the problems in cross-chain blockchain by building their cross-chain remedies.

Today, July 20, 2023, it is expected to be accessible by developers on Arbitrum’s Goerli testnet aside from the aforementioned 4 blockchains.

CoinMarketCap revealed that at the Ethereum Community Conference in Paris, Sergey Nazarov, the co-founder of Chainlink, made a remarkable statement.

Nazarov stated that the integration of banking systems and blockchain technology using CCIP protocol may attract a tremendous inflow of funds into the crypto industry.

He further shared that if global assets are tokenized, it might dominate the crypto space in the future, but a connection of the two could increase the growth of the blockchain industry entirely.

Nazarov noted that the resultant of the integration could bring trillions of Dollars to the crypto market. These updates within the Chainlink network mark affection LINK’s market value in the future.

Burn Kenny ($KENNY), the Alternative Asset.

Burn Kenny project is a deflationary meme crypto project inspired by Kenny McCormick, the South Park character.

The project creators project described its token as a rude, hilariously irreverent, and outright free utility token that could get anyone to the floor.

Burn Kenny reflects South Park’s episodes in the crypto industry to make the industry fun and provide chances for substantial profits for the crypto market.

Note, the founders of the project claim they are not just a community but a team of friends that someone would like to look become despite their mockery attitudes at worst events and bad jokes.

They have what it takes, the capability, the potential, and the power, just like Kenny in the South Park episode, to make something awesome. Again, the project’s token is designed to be a fiery and swift asset with special dimensions to the investment world of crypto.

The project adopted a token burn scheme to ensure that the value appreciates whenever the burn takes place and to reduce the circulation of the token. This supports the law of demand and supply.

Burn Kenny ($KENNY) Presale

The project’s official website announced Burn Kenny to start today, July 20, 2023. However, the presale has started just as it was announced.

The presale raised over $202 thousand within minutes after it started. This indicates a good start and shows the level of interest investors have in the project.

A unit of $KENNY is valued at $0.0001875; the presale may end when it raises $500 thousand. About 40% of the token’s total supply (over 6 billion) is available for presale without limit to the quantity an investor wishes to buy.

So, to prevent the chances of rug pulls and sustain the asset’s market value, 30% of the maximum supply will go to the liquidity pool, and 30% will enter the burn pool.

Features of Burn Kenny

For the project’s vision to become actualized, the project founders employed some sustaining features in the platform. These features are the burn mechanism and the locked liquidity strategy.

Burn Mechanism: Adopting this mechanism is the smartest decision the team could have ever taken.

This will reduce the units of $KENNY at a set time or when desired to create scarcity of the token and mitigate the effect of inflation in the token’s market.

Each time the token is burnt, it will resurface with a higher value that could boost investors’ portfolios. Just like Kenny’s supernatural ability that makes him resurrect in every episode.

Note that 30% of the asset’s total supply will be allocated for the burning mechanism, starting 24 hours after $KENNY is listed.

Locked Liquidity Strategy: the project is designed to lock 30% of the token’s total supply into the Uniswap pool and will be locked for 3 months.

It will help for the token’s survival, just as Kenny in the South Park series is locked by being burnt at the end scenes for his survival fate in the next episode.

Some Factors That May Make $KENNY Thrive

Token Campaign: considering the amount the presale raised within a few minutes after the presale launched, one could say that the project has attraction potential.

So, if the project team could add more effort to boost the tokens advertisement. This might draw more investors to the project.

Ethereum token: the choice of building the project upon the notable smart contracts blockchain, Ethereum, is a good factor that may help the project survive.

This might make investors feel secure and increase their confidence levels towards the said liquidity and burn mechanism of the project. Ethereum is one of the most trusted networks capable of running such smart contracts.

How to Buy $KENNY

One thing you should do first is to download or install a dApp wallet if you do not have anyone.
Go to the Burn Kenny website
Locate the presale widget
You will buy $KEENY with ETH
Put the amount of ETH you will swap with $KENNY
Please, make sure you have an extra 0.015 ETH for the network gas fee
To connect your wallet, click on the buy button to connect
Approve the connection
Cross-examine the details you put in and click on confirm to proceed
After the confirmation, the token purchase should be successful if you follow the steps carefully