Chainlink breaks $20, GFOX prepares for retail launch

Chainlink (LINK) is a decentralized oracle network. Though prices have been volatile, LINK recently pushed past $20. Amid this drive, GFOX is also drawing attention ahead of its retail launch.

Chainlink 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 feeds from different APIs since launching. 

LINK is down from its all-time high of $54.40. However, traders are confident after the recent break above $20. 

Many technical analysts have hinted that Chainlink’s price movement is building a bullish momentum.

While there may be short-term volatility and potential resistance below the 20-day simple moving average (SMA), these analysts are positive that the token will remain bullish.

According to them, the daily SMA and exponential moving average (EMA) indicators suggest the token’s potential buying pressure and subsequent price increase, especially if it maintains its new resistance level above $20.

The immediate target is $50 but some analysts believe $30 is a reasonable level bulls should be looking at. So far, LINK’s Network Value to Transactions (NVT) ratio shows that it is undervalued–a net positive.

GFOX prepares to launch

The Galaxy Fox presale was in ten stages. This allowed investors to get exposure before GFOX lists on mainstream exchanges.

Presently, investors have bought 90% of the allocated tokens as of stage eight of the presale round.

Investors have shown great interest in GFOX for several reasons.

The token has growth potential, attracting investors. So far, GFOX prices have been steadily rising.

GFOX plans to list on leading exchanges like Binance, Uniswap, and Coinbase.

The platform also offers a range of utilities and features.

These include a play-to-earn Web3 game, a staking platform, token burn features, and NFTs.

Final thoughts

LINK is bullish, surging past $20. Supporters are targeting all-time highs of around $55. Meanwhile, investors are looking at GFOX ahead of its retail launch. The GFOX presale is in progress, trading for $0.00278.