WEMIX, strong performance alone in a weak market… 3% surge on Chainlink CCIP adoption and Kraken listing

▲ WEMIX listed on US virtual asset exchange 'Kraken'

While the overall cryptocurrency market showed weakness, WEMIX surged over 3%, demonstrating a strong relative performance. The adoption of Chainlink's cross-chain technology and a sharp increase in trading volume stimulated investor sentiment, while in the short term, concerns about overheating and the sustainability of the uptrend emerged as key issues.

According to cryptocurrency market aggregator CoinMarketCap on July 8 (local time), WEMIX traded at $0.270, up 3.23% over 24 hours. Even as the broader market showed weakness, WEMIX continued its upward trend, demonstrating strength compared to major altcoins. The media cited the strengthening of the ecosystem's security through the adoption of Chainlink's Cross-Chain Interoperability Protocol (CCIP) as the biggest reason for this surge.

WEMIX announced that it would apply Chainlink CCIP to replace its existing proprietary bridge infrastructure and enhance the security of cross-chain asset movements within its game ecosystem. The media evaluated that improving bridge security, a key challenge in the Web3 game market, increased technical reliability and attracted the attention of developers and investors. It is expected that an increase in cross-chain transaction volume and the launch of new games will be key indicators for assessing ecosystem expansion.

Technical trends also improved. WEMIX broke above both the 7-day Simple Moving Average (SMA) of $0.2596 and the 30-day SMA of $0.2456, and the Moving Average Convergence Divergence (MACD) histogram also turned positive. Additionally, the 24-hour trading volume surged by 55.53% from the previous day to $1.76 million, supporting the inflow of new buying power. However, with the 7-day Relative Strength Index (RSI) reaching 79.88, indicating it has entered a short-term overbought zone, there is a possibility of profit-taking sales.

The media suggested the daily pivot of $0.2615 as a key short-term price. Maintaining this price level could allow for a retest of the recent high of $0.275, but if it falls below $0.2615, a correction could continue to around the 30-day SMA of $0.2456. It added that while the short-term trend remains upward, caution is needed regarding the possibility of increased volatility due to technical overheating.

Meanwhile, WEMIX recently listed on the global major cryptocurrency exchange Kraken, expanding its liquidity to Western markets including the US, Canada, UK, and Australia. By supporting USD market trading, it has increased global accessibility and is accelerating the expansion of its Web3 game and fintech ecosystem, centered on StableNet and the global alliance of Korean Won stablecoins, GAKS. The adoption of Chainlink CCIP and the Kraken listing are evaluated as key positive factors supporting the global market expansion strategy.

*Disclaimer: This article is for investment reference only and is not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*