After experiencing a significant upswing, the Chainlink price has fallen back to bearish territory. Also, the DeFi ecosystem of Hedera has failed to gain momentum. Despite the bearish outlook, Kangamoon has introduced a new project appealing to millions of investors.

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Chainlink (LINK) Price Resumes Decline

In the recent crypto bull market upswing, the Chainlink coin, LINK, was a top performer. Within a week, the price of Chainlink rose from $5.77 to test the $7 support. The price rise also correlated with the growing prominence of real-world assets.

As one of the cryptos with the most utility, the Chainlink crypto enjoyed a major upswing. However, LINK is now experiencing a sharp pullback. Following its rejection at $7, the Chainlink crypto has dropped to $6.6.

The price drop may be good news for Chainlink investors. According to analyst Michaël van de Poppe, LINK has formed a bottom. If the price of LINK drops to $6.4 – $6.14, Michaël van de Poppe predicts a Chainlink rally to $8.0.

Hedera’s DeFi Ecosystem Struggles

Hedera Hashgraph became very popular for its high scalability. Capable of processing over 10,000 transactions per second, experts were hyped about the Hedera network. However, it has failed to live up to many of these expectations.

Despite recent collaborations with Stablecoin Studio, Du, and others the DeFi ecosystem of Hedera continues to struggle. According to DeFiLlama, Hedera’s DeFi ecosystem has only $31.81 in total value locked (TVL).

Similarly, the Hedera price has also struggled recently. The HBAR price has been trading in a range over the last five months. Failing to break above $0.0700 twice, Hedera has spent most of its time at the bottom of the range, $0.04000.

Kangamoon’s DeFi Ecosystem Shines

Unlike Hedera, the DeFi ecosystem of Kangamoon (KANG) is quickly becoming popular. Kangamoon has been gaining attention because of its unique new model in DeFi. This new ecosystem blends DeFi with meme coins, NFTs, and play-to-earn gaming.

This virtual world is built around an exciting character, Kangamoon. Kangamoon is a character who loves boxing, and players of the P2E game will assume this role. As they journey to become the ultimate boxing champion, they will complete tasks and competitions.

As a P2E game, players will earn digital assets and in-game collectibles throughout their journey. The infusion of meme coin elements makes Kangamoon a MemeFi project which aims to build a strong community of gamers and meme coin enthusiasts.

With its exciting concept, Kangamoon has caught the attention of the crypto space. The project is now in its first presale stage where its utility token trades at $0.005. With the momentum behind Kangamoon, crypto experts have predicted that it will become a top project of 2023.

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