<img src="https://crypto.news/app/uploads/2023/02/crypto-news-brown-bear-and-black-bull-face-to-face-full-body-portrait-cartoon-character-low-poly.jpg” />
Disclosure: This article does not represent investment advice. The content and materials appearing on this page are for educational purposes only.
Chainlink (LINK) is a decentralized oracle network. Although prices have been volatile, LINK recently surpassed $20. Amid this momentum, GFOX is also attracting attention ahead of its retail launch.
Chain price analysis
Chainlink is a decentralized oracle network designed to bridge the gap between smart contracts on blockchain platforms and data sources.
The network has connected many smart contracts to off-chain data sources from different APIs since its launch.
LINK is down from its all-time high of $54.40. However, traders are feeling confident after the recent break above $20.
Many technical analysts have hinted that Chainlink's price movement is generating bullish momentum.
While there may be short-term volatility and potential resistance below the 20-day simple moving average (SMA), these analysts are confident that the token will remain bullish.
According to them, the daily SMA and exponential moving average (EMA) indicators suggest possible buying pressure for the token and subsequent price rise, especially if it maintains its new resistance level above $20.
The immediate target is $50, but some analysts believe that $30 is a reasonable level for bulls to pay attention to. So far, LINK's network value to transactions (NVT) ratio shows that it is undervalued, a net positive.
GFOX prepares for launch
The pre-sale of the Galaxy Fox took place in ten stages. This allowed investors to gain exposure before GFOX listed on major exchanges.
Currently, investors have purchased 90% of the tokens allocated in the eighth stage of the pre-sale round.
Investors have shown great interest in GFOX for several reasons.
The token has growth potential and attracts investors. Until now, GFOX prices have been increasing steadily.
GFOX plans to list on leading exchanges such as Binance, Uniswap and Coinbase.
The platform also offers a variety of utilities and functions.
These include a play-to-earn Web3 game, a staking platform, token burning features, and NFTs.
Final thoughts
LINK is bullish and exceeds $20. Supporters are targeting all-time highs of around $55. Meanwhile, investors are eyeing GFOX ahead of its retail launch. GFOX pre-sale is ongoing, trading at $0.00278.
Disclosure: This content is provided by a third party. crypto.news does not endorse any products mentioned on this page. Users should conduct their own research before taking any action related to the company.