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Chain (XCN) Shows Massive 25% Price Increase After Scoring Huge Partnership

Tue, 11/01/2022 - 13:24
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Arman Shirinyan
Thanks to prominent basketball team, XCN becomes leader of cryptocurrency market
Chain (XCN) Shows Massive 25% Price Increase After Scoring Huge Partnership
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XCN becomes the leader of the cryptocurrency market after a massive 25% price increase in the last 24 hours. The main reason behind it is simple: a massive partnership with Miami Hit.

According to the official blogpost, the leading Web3 and blockchain software provider is now an official partner of the NBA team. According to the agreement, Chain will be the first company to have its logo on the HEAT shooting shirt. Additionally, Chain will be featured on the team's official social media platforms and game day elements.

XCN Chart
Source: TradingView

The main goal behind the partnership is to increase the adoption of Web3 technologies in the sports industry and potentially attract new investors. Previously, Chain made a big bet on partnerships with sports organizations and luxury brands. However, the partnership with the Miami Heat had the biggest impact on the market performance of the asset.

Chain is a blockchain infrastructure solution company, according to its own press release. Its mission is to enable a smart economy with the help of Web3 technologies. Chain implements a SaaS model and offers the most relevant products to investors, including Ledger, Cloud and NFTs as a service.

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In terms of market performance, XCN broke through existing resistance levels and is now gaining a foothold above the 21-day moving average, which acts as temporary resistance and a support level until more significant thresholds form.

However, the explosive nature of the rally could cause overconfidence among investors, as reversal for the asset will be imminent once investors who have been holding the asset at a loss start to sell their tokens to break even or take profits.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.