A crypto expert named CrediBULL Crypto said that Chainlink (LINK) could lose between 50% and 60% of its value. He still tells people who own LINK that this kind of drop is normal for the growth cycle of the token.
Recently, CrediBULL Crypto said on X (formerly Twitter) that a “50–60% drawdown is normal, natural, and healthy.” It was said that Chainlink has been going up for ten months and that its worth has gone up four times.
He believes this correction will last for two to three months. During that time, prices may go up for a short time, but the general trend will still be downward.
Chainlink Price Drop Analysis
CrediBULL Crypto went into more detail in a YouTube video about why he was confident in shorting Chainlink. He used an increase in the token’s open interest to show that many leveraged investors bought in at a significant resistance level.
He thinks that these buyers will start selling their holdings as soon as Bitcoin goes down, which will cause the market as a whole to go down.
He says that this giving up will probably cause LINK’s price to drop to a range low around $11.96, which is about 30% less than where it is now. A key resistance point is at $16. This is where he wants to short Chainlink.
CrediBULL Crypto also believes that meme coins, which have seen significant increases this year, will go down a lot. Both Dogwifhat (WIF) and Pepe (PEPE), which have gains of over 1,400% and 500%, are among the best producers. But he says that these coins have probably reached their highest point and are about to go down a lot.
CrediBULL Crypto believes that Dogecoin could fall to $0.10, but they plan to sell short at $0.18, after a possible recovery rally. He thinks that WIF will drop to $1.60 and plans to sell short at $3.90 after one last push up. He also believes that PEPE will fall up to 60% from its most recent all-time high.
To sum up, CrediBULL Crypto tells people to be careful because the cryptocurrency market might drop a lot, especially for Chainlink and prominent coins.
