Sentiment around leading cryptocurrencies Chainlink ($LINK) and Cardano ($ADA) cooled today as both cryptocurrencies dipped in the last 24 hours.
In general, crypto markets fell 1.1% overnight and now post a combined capitalization of $2.41 trillion. Unusually, market leader and pace-setter Bitcoin ($BTC) remains largely unaffected, growing by 0.8% in the last 24 hours to trade at $66,907.
Cardano and Chainlink both launched in the late 2010s. $ADA has a market cap of $12 billion while $LINK’s is closer to $7 billion.
Both are now among the twenty largest cryptocurrencies.
Chainlink and Cardano: Primer and Performance
Today, Cardano shares the fate of its number one rival, Ethereum ($ETH). In the last 24 hours, Ethereum dropped 2.1% to hit $2,523, while Cardano lost 3.6% and now trades at $0.3419.
The two coins share many technological similarities, the most obvious being high-functionality smart contracts and an ultra energy-efficient Proof-Of-Stake protocol for energy-efficient transaction verifying and processing (aka “mining”).
Cardano creator and founder Charles Hoskinson was on the founding team for Ethereum, but they removed him following a dispute over whether the company should be run for profit or not. Hoskinson vouched for yes.
According to the trading chart, Cardano is currently trading at its summer support level. This is bad news for holders, but the token’s relative strength index sits at 35, which is close to being oversold (and undervalued).
Traders will likely see the weekend as a dip-buying opportunity, which should help the coin recover.
While Cardano followed Ethereum, Chainlink posted more muted losses of 0.9% and now trades for $11.32.
Chainlink is a framework for building decentralized oracles for blockchains and interlinking them through real-world data.
The price of ChainLink (LINK) is currently consolidating within a wedge pattern on the 4-hour chart. It is forming higher lows and lower highs, tightening into the apex of the wedge.
A breakout above $12.98 could signal bullish momentum, while a break below may indicate further downside.
It is very close to getting flipped by the $7 billion market cap Bitcoin fork, Bitcoin Cash ($BCH).
Bears Leave Established Coins For Crypto All-Stars $2.7 Million Presale
Chainlink and Cardano launched years before the FTX meltdown and are thus part of the establishment.
However, the two face stiff competition. Only this year, Cardano was among the ten biggest cryptocurrencies, but it has been flipped out of the table by two direct competitors: Toncoin and Tron.
Ultimately, sentiment around Chainlink and Cardano is cooling. Chainlink is up only 8% from this time last year, while Cardano rose only 21%, far behind Bitcoin’s 95% rise.
Investors looking for sweltering gains are better directed towards the presale market, where coin launches can easily turn over 10x or 100x profits.
One new protocol called Crypto All-Stars hopes to change the negative perceptions around meme coins by letting crypto fans put them to work.
While meme coins’ inherent volatility attracts people, their whimsical nature also hinders their utility. Now, one team has found a way for meme coin holders to generate consistent value from their holdings.
Crypto All-Stars is a unified staking protocol that allows users to earn serious rewards by combining the world’s most celebrated meme coins.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS with a rewards rate currently set at 572%.
The project has gained so much popularity that its presale has already raised around $2.7 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
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The post Chainlink and Cardano Slump as Bears Take Over – Which Coin Will Help You Survive the Carnage? appeared first on Cryptonews.
