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Can Chainlink {LINK} afford to take on DASH successfully in the market? analysis enclosed

Bitcoin

Dash is ranked at #15, below UNUS SED LEO and TRON in the market. The price plunged by 4.15%, which brought DASH down to $101.22. The trading volume recorded is $180.012 million, while the supply has 8,979,382 DASH coins [this is a mineable virtual currency] in play. The total market cap of Dash is $908.922 million.

After Dash comes Chainlink on coinmarketcap. LINK rose by 6.53% in the course of the past 24-hours. The trading volume recorded is $96.736 million, whereas the supply remains constant with 350,000,000 LINK tokens circulating. The total market cap of Chainlink is $870.022 million. At present, LINK is priced at $2.49.

As you can see, the difference between the two [in terms of value] is almost near $40 million. The daily RSI [for 10 periods- considering the DASH/USD candlestick chart] is at 38.58 and might head higher. On 11th of August, the price of DASH had soared to $120, but has since descended. Resistance exists near the $91.29 mark for now, if the price manages to sink even further.

The Awesome Oscillator peaks are green but below the zero line. Thus sellers are more active in the market. The Ichimoku Cloud has also been red post-2nd August. The RSI almost reached oversold territory on 10th this month, before a reversal helped the coin recover.

On the other hand, the RSI for LINK has been climbing and has almost reached 57. The Awesome Oscillator peaks are quite close to the zero line, indicating that bullish pressure might creep in. From 10th August onward, the price has been growing gradually till now. The Ichimoku Cloud is green thus indicating that buyers hold the reigns for now. ‘

LINK may enter overbought territory if the price keeps soaring. This will probably occur within the end of this week.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.