The UXLINK token, which powers the UXLINK web3 social platform aimed at mass adoption, has experienced a notable price surge in the last day, rising by 36.44% in the past 24 hours due to overall enthusiasm in the crypto market and a recent significant investment announcement from the project.
Currently, it ranks as the 291st largest coin by market capitalization, and the UXLINK token has recorded an increase of over 600% in its trading volume within 24 hours. Its current trading volume is $2.02 billion, with a market cap exceeding $153 million.
Why is the UXLINK token going up today?
The Arbitrum-based UXLINK token is going up today for several important reasons. Firstly, the recent rise in Bitcoin and the broader cryptocurrency market over the past few days has contributed to this surge.
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Bitcoin reached a record high of $76,460.15 around 4 PM Eastern Standard Time (EST) following the highly followed U.S. elections, which ultimately led to Donald Trump’s election as the first American crypto president.
Usually, Bitcoin’s historic price increase has positively affected the values of alternative cryptocurrencies in the market, including Solana, Dogecoin, BNB, XRP, and UKLINK. This widespread upward trend is also evident in the growth of the global crypto market cap, which currently stands at $2.51 trillion.
The second factor contributing to the rise of UXLINK crypto today is a recent announcement within the ecosystem.
🥳We are thrilled to announce that our investor UOB(Singapore United Overseas Bank 新加坡大华银行) which is a leading bank in Asia and the largest bank in Singapore and Signum Capital Fund will increase investment to #UXLINK and participate in investor staking $UXLINK plan when…
— UXLINK (@UXLINKofficial) November 6, 2024
On November 6, the project revealed that two of its key investors, Singapore United Overseas Bank (OUB Group), a leading financial institution in Asia and the largest bank in Singapore, along with Signum Capital Fund, are planning to boost their investment in UXLINK tokens and engage in staking.
UXLINK crypto price prediction
The UXLINK token reached an all-time high of $1.20 about five hours ago. However, according to CoinMarketCap data, it has since decreased by 33.04% and is currently trading at $0.7887.
UXLINK coin price chart | CoinMarketCap
Nonetheless, heightened interest from institutional investors may significantly influence UXLINK’s price direction in the upcoming weeks, especially when they follow through on their commitment to collaborate with UOB to explore additional opportunities in various lifestyle sectors such as food, clothing, housing, and transportation.
If the token manages to reclaim the $0.96 resistance level, we can anticipate a more upward trend in the following days. Conversely, if it drops below the $0.6 support level, we might expect the UXLINK token to continue declining until the Bitcoin-led rally triggers an increase as the bull market intensifies.
The short-term sentiment around UXLINK is slightly optimistic, with 8 out of 17 technical indicators pointing toward a buy recommendation. The 14-day relative strength index (RSI) stands at 73.65, reflecting overbought conditions that could result in a price drop shortly.
However, UXLINK’s current price remains above all major exponential moving averages (EMAs), reinforcing the bullish outlook.
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