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Chainlink (LINK) has experienced a significant surge in price as it continues to provide valuable solutions that enable blockchains to extract data from the external world. Its unique functionality has garnered attention and contributed to its recent price increases.
While Chainlink investors enjoy the growth of their investments, Ripple (XRP) investors face frustration due to the stagnation caused by the ongoing lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple Labs.
Ripple has expended over $200 million in legal defense against the SEC’s charges, leaving investors eagerly awaiting resolution.
Renowned cryptocurrency lawyer and founder of Crypto Law, John Deaton, recently shared his insights on the SEC’s allegations against Ripple. Deaton dismissed the charges as “far-fetched,” criticizing the SEC’s claim that XRP sales could be foreseen in the future, even in distant lands.
Chainlink’s blockchain operates on Ethereum and serves as a decentralized oracle network, allowing for the creation of hybrid smart contracts that extract information from non-blockchain systems such as stock ticker prices or sports scores. This functionality has led to the automation of critical tasks, boosting the appeal of Chainlink.
Although Chainlink prices have experienced gradual increases in recent weeks, the cryptocurrency still has room to grow by nine times to recoup losses incurred during the 2022 market crash. As the project continues to offer innovative solutions, investors remain optimistic about the future of Chainlink.
Key Chainlink Levels to Watch – July 10
Following the transition from the accumulation phase in June, Chainlink (LINK) has exhibited a strong bullish trend. The bearish order-block that formed on June 8th was breached, allowing the buyers to take control. Subsequently, a bullish break of structure occurred.
The market has since experienced a pullback to the demand level of 6.080, where it has found support, indicating a potential continuation of the bullish trend.
$2.66B was stolen from traditional bridges so far☠️
— The DeFi Investor 🔎 (@TheDeFinvestor) July 7, 2023
That’s why I’m bullish on novel interoperability solutions such as LayerZero & Chainlink’s upcoming CCIP.
The future is multichain without a doubt.
The project that will win the bridge wars could generate billions in revenue. pic.twitter.com/4sXPJp91aN
Today, the Moving Average period twenty-one has been tested, further reinforcing the likelihood of a resumption of the uptrend. In terms of short-term targets, it appears that the buyers are aiming for a retest of the previous high at $6.650.
LINK Key Levels
LINK Key Levels
Supply Levels: 6.650, 6.890, 7.450
Demand Levels: 6.080, 5.290, 5.020
Total Market Capitalization: $1.20T
LINK Market Capitalization: $3.3B
LINK Volume: $116M
Market Rank: #22
You can purchase Lucky Block here. Buy LBLOCK
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