Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why
Cryptocurrency analyst CrediBULL Crypto recently warned about this Chain link (link) It could see a 50% to 60% drop in its price. However, based on his interpretation, LINK holders may have no reason to worry as this price drop is part of… Crypto token growth.
Why Chainlink will see a price drop
Explaining CrediBULL Crypto in the X (formerly Twitter) mail “A 50-60% drawdown is normal, normal and healthy” given that Chainlink only had a 10-month uptick and a 4x uptick,” the analyst predicts. Withdraw price To last about two to three months and suggested that Chainlink can see Prices rise for a short periodBut this does not invalidate it Current downtrend.
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in video Posting on his YouTube channel, CrediBULL Crypto explained why he has so much confidence in the Chainlink shortcut. He pointed to the rise in Open interest for a crypto token He claimed that several leveraged players entered Chainlink on the pump to a significant resistance level. He expects that investors who opened long positions will likely start closing their positions once Bitcoin sees a decline and the cryptocurrency market starts bleeding again.
The cryptocurrency analyst added that these investors will capitulate at the lows, which will push Chainlink's price to the lows of the range. CrediBULL Crypto claimed that the move would bring LINK back to $11.96, a roughly 30% drop from Its current price levels. Based on this, he revealed that he would look to short Chainlink at around $16, which is the likely level of rejection.
The same expectations for meme coins
CrediBULL Crypto also expects memes to see a significant price decline, given the parabolic rally they have enjoyed since the beginning of the year. Meme coins Dujoyfat (WIF) And pepper (pepper) The top year-to-date (YTD) gainers were among the top 50 cryptocurrency tokens, with price gains of over 1,400% and 500% respectively.
Cryptographic analyzer to caution Some major currencies have already seen their peaks and are likely to see significant declines. In the video he posted on YouTube, he also gave insight into how much Dogecoin, WIF, and Pepe have fallen.
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For Dogecoin, it is pridect that Above all is a meme coin It could fall as low as $0.10. However, CrediBULL Crypto indicated that it cannot sell Dogecoin yet because it expects a comfort pump to $0.18, which is the range at which it is looking to open a short position.
At the same time, it is expected WIF It could fall as low as $1.6, revealing that he will look to sell at $3.90 as he expects the meme to enjoy one last push to the upside before it drops to the downside. CrediBULL also expects a significant decline in PEPE prices. He claims that the memecoin could see a drop of up to 60% since it recently reached a level New all-time high (ATH).
Featured image created with Dall.E, chart from Tradingview.com
