Chainlink Price Prediction: LINK Nears $6 – Is It Outperforming Its Rivals?

Updated: 29 August 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Chainlink has reached the $6 mark, with its current price of $5.89. There has been a 1.03% decline in the last 24 hours. However, many believe this decline is minor, and the token outperforms its rivals. How truth is there to these claims?

LINK Drops 1.03%

In the last 24 hours, LINK has faced a decline of 1.03%. This makes Chainlink’s weekly drop 5.07% and its monthly decline 24%.

Chainlink has experienced some bounce after the recent drop. At 7:21 a.m. EST, LINK was valued at $5.89. There has been a 0.7% decline in its market capitalization, and its trading volume has increased by 8.75%.

How is Chainlink Fairing Against its Competitors?

Chainlink’s top two competitors right now are Ethereum and UMA.

Ethereum has experienced a slight decline of 0.51% in the last 24 hours and is currently trading around the $1.6k mark. UMA has experienced a similar drop and is currently trading around the $0.78 mark.

UMA’s 1-day price chart on CoinMarketCap is mirroring Chainlink’s performance.

It dropped and bounced the same way Chainlink did earlier today. However, UMA’s monthly decline is a mere 17.2, which is less than Chainlink’s monthly drop. So, it can stated that Chainlink is not outperforming its rivals.

Why is Chainlink Dropping?

Chainlink’s official X page shows only minor developments. Alsen no events within the ecosystem could suggest the reason behind its recent downturn. Recently, it posted about Dynamic NFTs.

dNFTs are to NFTs what videos are to images.

A new dimension, unlocked.https://t.co/Xyqz72Ai9a

— Chainlink (@chainlink) August 29, 2023

In light of that, In light of that. Bitcoin seems to be the primary catalyst behind Chainlink’s drop.

Chainlink Price Analysis

Chainlink fallenling since Bitcoin lost its $29k support and started struggling to reach $26k. Like most altcoins, Chainlink also painted three large red candles.

From a technical perspective, the token’s current RSI is 31. Being this close to the oversold zone means it will soonto become an undervalued cryptocurrency. Furthermore, its MACD is also negative, adding to the negative sentiment around this token.

SomBitcoin price recovery in the next few days could initiate a bounce that could push LINK’s RSI close to the middle. But hope for that is slim at the moment.

Thus, it would be better to invest in alternative assets that are available away from the current market’s volatility.

LINK Alternative – YPRED

yPredict is a recent presale crypto with much momentum due to its AI-driven fundamentals.

yPredict is an AI ecosystem featuring a marketplace for quants, developers, traders, and analysts. At this marketplace, developers can put their predictive model and sale and provide them to people on a subscription basis. The cur used to pay for these subs is the YPRED token.

YPRED is the native token of the ecosystem that, in addition to being used as a mode to pay for predictive model subscriptions, also has staking utilities that let users earn APY and join the DAO to decide the direction of this project.

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yPredict’s predictive models will serve multiple niches, including finance, marketing, hea,lth and human resources.

yPredict has already stepped into marketing with its backlink estimator. It is currently working on the yPredict editor, yPredict analytics, yPredict predictions, and yPredict marketplace.

This project has raioverthan $3.6 million during the presale and is currently at stage 7. Visit yPredict.ai to become an early mover and buy YPRED at a discount price of $0.1 before its value increases to $0.12.

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