LINK Remains on the Bulls’ Side as More Investors Keep Seeking Utility Tokens

Azeez Mustapha


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The exponential growth of investment in utility tokens such as Chainlink has fostered the expansion of smart contract capabilities as well as the implementation of blockchain technology in different sectors. Owing to this exponential growth, LINK has been expanding in favor of the bulls in the past few weeks. One major reason for this exponential growth is the fact that LINK is a utility token.

When a token has a significant application and is capable of providing a solution to a real-world problem, it is said to be a utility token. According to John Kiguru, a reporter on blockchain technology and cryptocurrency markets, as a utility token, Chainlink has gained great popularity in the crypto market, and a return on investment on the token can be significantly high.

Resistance Levels: $7.510, $8.800, $9.510
Support Levels: $6.750, $5.900, $5.390
Link Remains on the Bulls’ Side as More Investors Keep Seeking Utility TokensThe market has been in an uptrend since the beginning of this year. On March 12, 2023, LINKUSD expanded upward after hitting a breaker block at the $5.900 demand zone. This reaction at the breaker block occurred about three weeks after a swing high of $8.400 was created.

Since the beginning of the uptrend, a major trendline has been rising upward as it prevents price from experiencing a massive crash to the downside. As indicated by the Stochastic Oscillator, Chainlink is already oversold, and the uptrend needs to be resumed.

Total Market Capitalization: $1.13T
Chainlink Market Capitalization: $3.36B
Chainlink Volume: $0.11B
Market Rank: #19

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Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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