Chainlink

<div class="dailyhodl">
 A widely followed crypto strategist is warning that Chainlink (LINK) may be on the verge of a massive correction.
 Pseudonymous analyst Credible tells his 394,500 followers on the social media platform X that the native asset of the leading decentralized oracle network appears to have printed a mid-cycle top.
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 According to the analyst, a deep corrective move is now in the cards for LINK after witnessing massive rallies in the last few months.
 “I understand that after 10 months of up only and a 4x rally, a pullback lasting 2-3 months with a 50-60% drawdown is normal, natural and healthy.
 Further, anything deeper than that but above the origin of the impulsive move is a higher low and technically totally fine.”&nbsp;
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GN1x65dXEAAMJha?format=jpg&amp;name=4096x4096" alt="Image" width="4096" height="2043">
 <figcaption class="wp-caption-text">
 Source: Credible/X
 </figcaption>
 </figure>
 The trader uses the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rise before pulling back. Looking at the trader’s chart, he seems to suggest that LINK has completed its five-wave rally and is now poised for a correction toward support at $7.26.
 At time of writing, LINK is worth $16.49.
 Credible is also bearish on Ethereum (ETH) scaling solution Polygon (MATIC), predicting that the altcoin will fall to support at $0.585.
 “Hello MATIC my old friend, it’s time to short you once again.
 Up to 5-8% more potential upside, looking for 20% downside at minimum.”&nbsp;
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GN4sJIxWAAA25vC?format=jpg&amp;name=4096x4096" alt="Image" width="4096" height="2048">
 <figcaption class="wp-caption-text">
 Source: Credible/X
 </figcaption>
 </figure>
 At time of writing, MATIC is worth $0.706.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/analyst-issues-chainlink-warning-says-55-correction-for-link-natural-and-healthy-following-4x-rise-tbt88890.html">https://thebittimes.com/analyst-issues-chainlink-warning-says-55-correction-for-link-natural-and-healthy-following-4x-rise-tbt88890.html</a>

Analyst Issues Chainlink Warning, Says 55% Correction for LINK Natural and Healthy Following 4X Rise

TheBitTimes

Other articles published on May 20, 2024

First-Ever Standalone Crypto Legislation By The U.S.

SHOCKING: Tether Linked to Money Laundering & Terrorism? Truth Now Exposed!

Bitcoin Price Moves Ripple’s XRP

Binance calls on small and medium projects to combat low float, high FDV trend

U.S. Bitcoin ETFs ‘pulling money off-chain’ into TradFi: Analyst

Bitcoin Fear And Greed Index Turns Bullish: 10x Research Highlights Key Trade Strategy

Join our free newsletter for daily crypto updates!