Fresh Insights: Analyst Warns of Potential Correction for Chainlink (LINK)
In a recent social media post, crypto strategist Credible provides a cautionary outlook for Chainlink (LINK), the native asset of a prominent decentralized oracle network. With a significant upsurge in the past months, the analyst believes that a substantial correction may be imminent for LINK.
Chart Analysis: Identifying a Mid-Cycle Top
- Analyst Credible notes that LINK has possibly reached a mid-cycle top after a sustained period of bullish momentum.
- Considering the Elliott Wave theory, which predicts a five-wave pattern in rising assets, the analyst suggests that LINK could be entering a corrective phase.
- The chart analysis indicates a potential pullback towards support levels around $7.26, with the current value of LINK at $16.49.
Ethereum Concerns: Bearish Outlook on Polygon (MATIC)
- Besides Chainlink, Credible also expresses bearish sentiment towards Polygon (MATIC), an Ethereum scaling solution.
- The analyst anticipates a decline in MATIC’s price towards a support level of approximately $0.585.
- Credible highlights the potential for shorting MATIC with an expected downside movement of around 20%.
Market Position and Outlook
- As of the latest data, Chainlink (LINK) is valued at $16.49, while Polygon (MATIC) is priced at $0.706.
- The analyst’s cautionary stance suggests a corrective phase in the near future, emphasizing the importance of healthy price adjustments.
Hot Take: Analysts Hint at Major Correction for Chainlink and Polygon
Market analysts are sounding the alarm on Chainlink and Polygon, predicting potential corrections amid recent bullish trends. As Chainlink approaches a mid-cycle top, investors are advised to remain vigilant about possible price retracements. Similarly, Polygon’s price outlook indicates a downward trajectory, fueling speculation about shorting opportunities in the market.
Consequently, crypto enthusiasts are urged to stay informed about emerging trends and leverage analytical insights to navigate these volatile waters effectively.
Sources:
[1] Crypto Analyst Issues Warning on Chainlink
[2] Bearish Outlook for Polygon
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