Crypto Analyst Warns of Steep Drop in Chainlink Price, Hinting at Natural Market Correction

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Distinguished crypto analyst, CrediBULL Crypto, has recently issued a warning that Chainlink (LINK), a well-known cryptocurrency, may face a steep decrease in its price by around 50 to 60%. However, if you’re a LINK holder, you may not need to panic just yet. As per CrediBULL Crypto’s explanation, this would not be a crisis, but a natural part of the cryptocurrency’s life cycle.

The analyst explains via a post on X (a previously Twitter-based platform), that a drawdown of this nature is “normal, natural, and healthy”. This comes in the aftermath of Chainlink’s impressive ten-month bull run, spurring a rally that multiplied its price by four. Predictions suggest this downturn is likely to last for up to three months, characterized by intermittent surges that will not alter the broader bearish trend.

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To further contextualize his argument, CrediBULL Crypto utilized his YouTube channel where he delved deeper into his confidence regarding the shorting of Chainlink. He pointed towards the increase in the open interest of the cryptocurrency, suggesting that a large number of investors took on leveraged positions during the uptick in price, riding the wave up to significant resistance levels. However, our analyst expects that this optimism will deflate once Bitcoin retracts and paints the broader crypto market red.

In full view of these expectations, CrediBULL Crypto predicts that investors will retreat and cause Chainlink’s price to plummet to the low range. In his estimation, the move will see LINK retrace its value to around $11.96, signifying a drop of around 30% from its current price. Consequently, he plans to short Chainlink around the $16 mark, which he deems a likely point of rejection.

Furthermore, CrediBULL Crypto mirrors similar expectations for the infamous meme coins, which have enjoyed a parabolic rally since the dawn of the year. Meme coins such as Dogwifhat (WIF) and Pepe (PEPE) have seen stellar year-to-date (YTD) gains among the top 50 crypto tokens – over 1,400% and 500% respectively.

The analyst warns that some of these popular meme coins might have already peaked and could be prepared for a significant fall. For Dogecoin, he predicts a fall as low as $0.10, but clearly states that he’s holding off on shorting the coin as he anticipates a short rally up to $0.18 – the point at which he plans to open a short position.

Similarly, he forecasts a drop for WIF but to an even lower level of $1.60. He proposes shorting this meme coin around $3.90, expecting one final rally before the inevitable dip. As for PEPE, having recently reached an all-time-high (ATH), a pullback of as much as 60% is expected, according to the analyst.

Inevitably, the battle for dominance in the volatile marketplace of cryptocurrencies continues, ensnaring both bulls and bears alike. Stay tuned to see whether CrediBULL Crypto’s predictions hold true. The crypto market has a reputation for its unpredictable twists and turns, and the ongoing tug of war between bulls and bears is a testament to this characteristic. Keep abreast of the market movements, and remember; In crypto, fortunes can be made or lost in the blink of an eye.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.