Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,351,955,501,835	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,351,955,501,835

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,143.43	1.69%	68,885.20	68,883.94	68,884.60

Price Change

Price Change %

Current Price

Bid Price

Offer

1,143.43

1.69%

68,885.20

68,883.94

68,884.60

High Price	Low Price	Open Price	Prev. Close	52 Week Range
69,185.08	67,568.00	67,717.09	67,748.41	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

69,185.08

67,568.00

67,717.09

67,748.41

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:45:01	0.000885	68,888.22	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:45:01

0.000885

68,888.22

USD

Price x Volume	Volume	Base Symbol	Related Pairs
256,870,318.10	3,742.22	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

256,870,318.10

3,742.22

Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why

20/05/2024 7:00pm

NEWSBTC

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’s growth. Why Chainlink Will Experience A Price Drop CrediBULL Crypto explained in an X (formerly Twitter) post that a “50-60% drawdown is normal, natural, and healthy” given that Chainlink has experienced ten months of up only and a 4x rally.” 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’t invalidate the current bearish trend. 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’s 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. The crypto analyst added that these investors will capitulate at the lows, which will bring Chainlink’s 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. 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. 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. Related Reading: Crypto Expert Willy Woo Predicts Bitcoin Has Room To Run – 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’t short Dogecoin yet because he expects a relief pump to $0.18, the range he is looking to open a short position. 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

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