Chainlink Drops 1.03%
In the last 24 hours, Chainlink (LINK) has experienced a decline of 1.03%. This brings its weekly drop to 5.07% and its monthly decline to 24%. Despite this, many still believe that Chainlink outperforms its competitors.
How is Chainlink Fairing Against its Competitors?
Chainlink’s top competitors currently are Ethereum and UMA. Ethereum has seen a slight decline of 0.51% in the last 24 hours and is trading around the $1.6k mark. UMA has also experienced a similar drop and is trading around the $0.78 mark. UMA’s monthly decline is lower than Chainlink’s, suggesting that Chainlink is not outperforming its rivals.
Why is Chainlink Dropping?
Chainlink’s recent downturn is not directly linked to any specific events within its ecosystem. Bitcoin seems to be the primary catalyst behind Chainlink’s drop. As Bitcoin lost support and struggled to reach $26k, Chainlink followed suit and painted three large red candles. The token’s current RSI is 31, which indicates it is close to being oversold. Its MACD is also negative, contributing to the negative sentiment surrounding the token.
Chainlink Price Analysis
In the coming days, if Bitcoin undergoes a price recovery, there is a possibility of a bounce for Chainlink. However, the chances of this happening are currently slim. Therefore, it may be better to invest in alternative assets that are less affected by the current market volatility.
LINK Alternative – YPRED
YPRED is a recent presale crypto that is gaining momentum due to its AI-driven fundamentals. yPredict is an AI ecosystem featuring a marketplace for developers, traders, and analysts. The ecosystem allows developers to sell their predictive models on a subscription basis using the YPRED token. In addition, YPRED has staking utilities and a DAO for users to participate in decision-making. yPredict has already raised over $3.6 million during its presale and is currently in stage 7.
Hot Take
Chainlink’s recent decline may be attributed to Bitcoin’s performance, but it is important to consider other alternative assets like YPRED, which offers AI-driven predictive models and a thriving ecosystem. Investing in assets that are less affected by market volatility could be a wise move for crypto readers.
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