UXLINK web3 social platform’s token UXLINK experienced a massive surge in the last 24 hours as it gained more than 36% due to a bullish run in the crypto market following Donald Trump's win in the US elections. The surge is also aided by a new development in the web3 project.
At the time of the surge, the UXLINK token was ranked 291st according to its market capitalisation. The coin experienced a 600% gain in its trading volume in the 24 hours leading up to November 7 to reach $2.02 billion while the market cap went beyond $153 million.
This Arbitrum network based digital asset has been on rise because of the Bitcoin rallying towards the 76000 mark ahead of US election results declaration on November 6. UXLINK also surged as the project roped in two new investors on the US election results day.
The project onboarded Singapore's largest bank Singapore United Overseas Bank (OUB Group) and Signum Capital Fund as its investors which will enhance the staking of the tokens.
This leads to the UXLINK token reaching its all time high of $1.20 on November 7 but it eventually declined 33.04% as the day progressed, ending up at $0.7887 in the evening.
However, the coin has managed to grab the interest of institutional investors which might result in sognificatin price grains in the upcoming weeks, specially when the UOB collaboration leads to increased utility of the token in lifestyle sections like transport, housing, clothing and food.
If the UXLINK token rises to the $0.96 resistance level, then the upward trend is likely to continue. However, in case it goes below the $0.6 support level, it might follow a downward trend before getting triggered by another BTC rally.
Out of 17 technical indicators 8 suggest a buying spree as the short-term sentiment seems optimistic. The 14-day RSI of UXLINK exhibits overbought conditions as it stands at 73.65 which means a decline is likely.
But all major exponential moving averages (EMAs) show that the coin is trading with a bullish outlook.
As of November, UXLINK declined nearly 9% to trade at $0.7143 while its trading volume gained more than 171% in the last 24 hours to reach $2.22 billion and market cap declined by 8.8% to be at $121.49 million.