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

BONK Signals Strong Recovery, What You Need to Know?

Solana memecoin protocol pump.fun exploit mastermind arrested in London

Could Eric Balchunas and James Seyffart, Who Announced Ethereum Spot ETF Good News, Have Been Hac...

AI Coins Like FET Is This Bull Cycle’s Most Bullish Crypto Sector Like Gaming in 2021, Crypto Ana...

Bitcoin Needs to Reach $93K to Surpass Silver’s Value

Polimec Brings Decentralized Fundraising to Polkadot (20 May)

Join our free newsletter for daily crypto updates!