As a seasoned crypto investor with a few battles scarred on my forehead, I find CrediBULL Crypto’s analysis intriguing but not entirely surprising. His prediction of a potential 50% to 60% drop in Chainlink (LINK) price is based on the token’s prolonged bull run and the subsequent need for a correction. While it may be disheartening for LINK holders, I believe this is a natural part of the crypto market’s cycle.
According to the crypto analyst CrediBULL Crypto, Chainlink (LINK) might experience a significant decrease in value, potentially ranging from 50% to 60%. Despite this potential price drop, LINK investors may not need to be alarmed, as such a fluctuation is typical in the crypto market and can be indicative of growth.
Why Chainlink Will Experience A Price Drop
As a researcher studying the cryptocurrency market, I’ve come across CrediBULL Crypto’s perspective that a 50-60% price drop is typical for Chainlink after a prolonged period of upward momentum and significant rally. With Chainlink having experienced ten consecutive months of price increases, resulting in a 4x rise, such a correction is considered normal, natural, and healthy by the analyst. They anticipate this bearish trend to persist for approximately two to three months. However, brief price surges are still expected during this period, but they won’t alter the current downward trend.
In a recent YouTube video, CrediBULL Crypto shared his reasons for being bullish on shorting Chainlink. He pointed out the surge in open interest for the crypto token and suggested that numerous leveraged traders had joined the Chainlink bandwagon during its price rise to a significant resistance level. CrediBULL believes that these long position holders are likely to exit their investments once Bitcoin experiences a downturn and the cryptocurrency market starts losing value again.
As a crypto analyst, I believe investors who are currently holding Chainlink (LINK) may give in to selling pressure at the lower prices, causing LINK’s price to reach the range lows. According to CrediBULL Crypto’s analysis, this downturn could push LINK back down to approximately $11.96 – a 30% decrease from its current pricing. With these expectations, I plan to position myself for shorting Chainlink around the expected resistance level of $16.
Same Expectations For Meme Coins
As an analyst, I anticipate a notable decline in the prices of meme coins like Dogwifhat (WIF) and Pepe (PEPE), considering their dramatic surge in value since the beginning of the year. With YTD price increases of over 1,400% for Dogwifhat and 500% for Pepe, it’s reasonable to expect a correction in their markets.
As a dedicated crypto researcher, I’ve issued a cautionary note: some popular meme coins may have reached their peaks and could be in store for substantial declines. In my recent YouTube video, I shared my insights on potential downturns for Dogecoin, WIF, and Pepe.
As a Dogecoin investor, I believe the meme coin might dip down to as low as $0.10 in the future. Nevertheless, I find myself unable to short Dogecoin just yet because I anticipate a short-term relief pump that could potentially push its price up to around $0.18. This range is where I plan to enter the market and open my short position.
While making his prediction, CrediBull anticipates that WIF may fall to a minimum of $1.6, signaling his intention to sell short at $3.90. He believes that the meme coin will experience a final surge in value before succumbing to a downward trend. Regarding PEPE, CrediBull forecasts a substantial price drop for this meme coin. He estimates that it could experience a decline of up to 60% as it has recently reached a new peak (ATH).
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2024-05-20 21:04