{"id":608905,"date":"2024-05-20T18:00:08","date_gmt":"2024-05-20T18:00:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=608905"},"modified":"2024-05-20T11:13:42","modified_gmt":"2024-05-20T11:13:42","slug":"50-60-crash-in-chainlink-price","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/chainlink\/50-60-crash-in-chainlink-price\/","title":{"rendered":"Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here\u2019s Why"},"content":{"rendered":"

Crypto analyst CrediBULL Crypto recently warned that <\/span>Chainlink (LINK)<\/span><\/a> could experience a 50% to 60% drop in its price. However, based on his explanation, LINK holders may not have cause to worry as such a price drop is part of the <\/span>crypto token\u2019s growth<\/span><\/a>.<\/span><\/p>\n

Why Chainlink Will Experience A Price Drop<\/h2>\n

CrediBULL Crypto explained in an X (formerly Twitter) <\/span>post<\/span><\/a> that a \u201c50-60% drawdown is normal, natural, and healthy\u201d given that Chainlink has experienced ten months of up only and a 4x rally.\u201d The analyst expects this <\/span>price drawdown<\/span><\/a> to last about two to three months and suggested that Chainlink could see <\/span>brief price surges<\/span><\/a>, but that doesn\u2019t invalidate the <\/span>current bearish trend<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Crypto Analysts Reveal Sub-$1 Altcoins Set To Outperform In The Bull Run<\/a><\/div>\n
\"Chainlink\"
Source: X<\/figcaption><\/figure>\n

In a <\/span>video<\/span><\/a> posted on his YouTube channel, CrediBULL Crypto further explained why he is so confident in shorting Chainlink. He alluded to the rise in the <\/span>crypto token\u2019s open interest<\/span><\/a> and claimed that many levered players entered Chainlink on the pump to a major resistance level. He expects that those investors who opened longs will likely begin to close their positions as soon as Bitcoin experiences a pullback and the crypto market starts bleeding again.\u00a0<\/span><\/p>\n

The crypto analyst added that these investors will capitulate at the lows, which will bring Chainlink\u2019s price to the range lows. CrediBULL Crypto claimed that this move will bring LINK back down to $11.96, about a 30% drop from <\/span>its current price levels<\/span><\/a>. Based on this, he revealed that he will be looking to short Chainlink around $16, which is the likely level for rejection.\u00a0<\/span><\/p>\n

Same Expectations For Meme Coins<\/h2>\n

CrediBULL Crypto also expects meme coins to experience a significant price drawdown, given the parabolic rally they have enjoyed since the beginning of the year. Meme coins <\/span>Dogwifhat (WIF)<\/span><\/a> and <\/span>Pepe (PEPE)<\/span><\/a> have been the most significant year-to-date (YTD) gainers among the top 50 crypto tokens, with price gains of over 1,400% and 500%, respectively.\u00a0<\/span><\/p>\n

The crypto analyst <\/span>warned<\/span><\/a> that some major meme coins have already seen their tops and will likely experience significant declines. In the YouTube video he posted, he also gave insights into how low Dogecoin, WIF, and Pepe could drop.\u00a0<\/span><\/p>\n

Related Reading: Crypto Expert Willy Woo Predicts Bitcoin Has Room To Run \u2013 Here Are The Drivers<\/a><\/div>\n

For Dogecoin, he <\/span>predicts<\/span><\/a> that the <\/span>foremost meme coin<\/span><\/a> could drop to as low as $0.10. However, CrediBULL Crypto noted that he can\u2019t short Dogecoin yet because he expects a relief pump to $0.18, the range he is looking to open a short position.\u00a0<\/span><\/p>\n

Meanwhile, he predicts that <\/span>WIF<\/span><\/a> could drop to as low as $1.6, revealing that he will be looking to short it at $3.90 because he expects the meme coin to enjoy one last push to the upside before dropping to the downside. CrediBULL also predicts a significant price decline for PEPE. He claims the meme coin could experience a drawdown of as much as 60% since it recently hit a <\/span>new all-time high (ATH)<\/span><\/a>.<\/span><\/p>\n

\"Chainlink
LINK bulls and bears fight for dominance | Source: LINKUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created using Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst CrediBULL Crypto recently warned that Chainlink (LINK) could experience a 50% to 60% drop in its price. However, based on his explanation, LINK holders may not have cause to worry as such a price drop is part of the crypto token\u2019s growth. Why Chainlink Will Experience A Price Drop CrediBULL Crypto explained in an X (formerly Twitter) post that a \u201c50-60% drawdown is normal, natural, and healthy\u201d given that Chainlink has experienced ten months of up only and a 4x rally.\u201d The analyst expects this price drawdown to last about two to three months and suggested that Chainlink could see brief price surges, but that doesn\u2019t invalidate the current bearish trend.\u00a0\u00a0 Related Reading: Crypto Analysts Reveal Sub-$1 Altcoins Set To Outperform In The Bull Run In a video posted on his YouTube channel, CrediBULL Crypto further explained why he is so confident in shorting Chainlink. He alluded to the rise in the crypto token\u2019s open interest and claimed that many levered players entered Chainlink on the pump to a major resistance level. He expects that those investors who opened longs will likely begin to close their positions as soon as Bitcoin experiences a pullback and the crypto market starts bleeding again.\u00a0 The crypto analyst added that these investors will capitulate at the lows, which will bring Chainlink\u2019s price to the range lows. CrediBULL Crypto claimed that this move will bring LINK back down to $11.96, about a 30% drop from its current price levels. Based on this, he revealed that he will be looking to short Chainlink around $16, which is the likely level for rejection.\u00a0 Same Expectations For Meme Coins CrediBULL Crypto also expects meme coins to experience a significant price drawdown, given the parabolic rally they have enjoyed since the beginning of the year. Meme coins Dogwifhat (WIF) and Pepe (PEPE) have been the most significant year-to-date (YTD) gainers among the top 50 crypto tokens, with price gains of over 1,400% and 500%, respectively.\u00a0 The crypto analyst warned that some major meme coins have already seen their tops and will likely experience significant declines. In the YouTube video he posted, he also gave insights into how low Dogecoin, WIF, and Pepe could drop.\u00a0 Related Reading: Crypto Expert Willy Woo Predicts Bitcoin Has Room To Run \u2013 Here Are The Drivers For Dogecoin, he predicts that the foremost meme coin could drop to as low as $0.10. However, CrediBULL Crypto noted that he can\u2019t short Dogecoin yet because he expects a relief pump to $0.18, the range he is looking to open a short position.\u00a0 Meanwhile, he predicts that WIF could drop to as low as $1.6, revealing that he will be looking to short it at $3.90 because he expects the meme coin to enjoy one last push to the upside before dropping to the downside. CrediBULL also predicts a significant price decline for PEPE. He claims the meme coin could experience a drawdown of as much as 60% since it recently hit a new all-time high (ATH). Featured image created using Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":608927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[167,16295,89531,79580,6664,26263,14690,16097,89530,82825,75940,79480],"class_list":["post-608905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-analyst","tag-chainlink","tag-chainlink-news","tag-chainlink-price","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-link","tag-link-news","tag-link-price","tag-linkusd","tag-linkusdt"],"acf":[],"yoast_head":"\nCrypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Crypto analyst CrediBULL Crypto recently warned that Chainlink (LINK) could 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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