2024-3-21 17:37 |
Due to Chainlink’s slow price movement, it is being left behind among DeFi tokens currently exploding in price.
While the LINK price rose first, it has since stalled significantly while other coins continue to rise.
It could be that investors are becoming wary that the project is not moving forward, and it’s possible this could lead to a drop in its price, potentially leading to a drop in its price for a prolonged period.
If that’s the case, other DeFi projects may win the race against Chainlink.
Chainlink’s previous years’ price performanceIn early 2021, the cryptocurrency market flourished, and LINK released a new whitepaper and hit an all-time high of $52.88 on May 10, 2021. Subsequently, its value declined as the market slowed down during the summer.
Although there was some increase in Chainlink starting in August, it ended the year at $19.59.
However, 2022 did not see the same level of success for LINK despite the platform’s efforts. Chainlink had a promising start, exceeding $20 in early January, but experienced a downward trend for the rest of the year.
In 2023, Chainlink saw improvement, reaching $8.72 on April 18 due to a strong market.
However, its value declined, leading to a significant crash in June.
This downturn was accelerated when Crypto.com announced the suspension of its US institutional operations following the SEC’s lawsuits against Binance and Coinbase, causing LINK to drop to $4.98, its lowest in almost three years.
Is Chainlink losing its position?LINK has been unable to cross $20 in the last few months, and its price has declined by 4.22% since [date]. Let’s look at what is causing the lull in price appreciation:
Over the last five days, it has been assigned a Bearish rating on the Investors Observer Sentiment Score. LINK is now priced at $18.32, with a 1.57% decline in the last 24 hours.
Analysts suggest that Chainlink still has a considerable distance to cover before it can match or surpass the peak levels it experienced in early 2021.
Even though the crypto market has entered bullish mode, long-term altcoins like Chainlink were expected to outperform the market, but instead, newer DeFi projects like Algotech are outshining Chainlink.
Can Algotech outshine Chainlink with game-changing DeFi features?Algotech (ALGT) has an exceptional presale performance.
This project combines AI, blockchain, and machine learning to offer users exciting trading applications. Its major features include breakout detection, hedging, mean reversion, and arbitrage trading.
Algotech (ALGT) has sold over 50 million ALGT Tokens within two weeks, raising over $2.2 million in its pre-sale and reaching 5,000 unique holders. The current price of ALGT is $0.06.
Algotech final presale stage is $0.15, netting users who buy in at $0.06 a cool 2.5x by the end of the public presale.
Due to all these factors, Algotech declared itself a significant competitor of Chainlink and can give 300% returns to early investors once listed on major exchanges.
To learn more about ALGT, visit the Algotech presale website or join the Algotech community.
The post Algotech (ALGT) outshines Chainlink (LINK) with game-changing DeFi features, $2 million raised so far appeared first on Invezz
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