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Chainlink

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<p>Crypto analyst CrediBULL Crypto recently warned that <a href="https://bitcoinist.com/chainlink-telefonica-web3-solutions-tp-combat-fraud/" rel="nofollow">Chainlink (LINK)</a> could experience a 50% to 60% drop in its price. However, based on his explanation, LINK holders may not have cause to worry as such a price drop is part of the <a href="https://bitcoinist.com/chainlink-will-reach-new-ath/" rel="nofollow">crypto token’s growth</a>.</p> 
<h2 id="why-chainlink-will-experience-a-price-drop">Why Chainlink Will Experience A Price Drop</h2> 
<p>CrediBULL Crypto explained in an X (formerly Twitter) <a href="https://x.com/CredibleCrypto/status/1791718407890440361" rel="nofollow">post</a> that a “50-60% drawdown is normal, natural, and healthy” given that Chainlink has experienced ten months of up only and a 4x rally.” The analyst expects this <a href="https://bitcoinist.com/chainlink-whale-wallets-increase/" rel="nofollow">price drawdown</a> to last about two to three months and suggested that Chainlink could see <a href="https://bitcoinist.com/chainlink-exchange-supply-plunges-4-year-low-rally/" rel="nofollow">brief price surges</a>, but that doesn’t invalidate the <a href="https://bitcoinist.com/chainlink-bearish-whales-deposit-326m-link-exchange/" rel="nofollow">current bearish trend</a>.&nbsp;&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-608910" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Chainlink.png?w=460&amp;resize=460%2C229" alt="Chainlink" width="460" height="229" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Chainlink.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Chainlink.png?w=460&amp;resize=460%2C229 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Chainlink.png?w=360 360w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>In a <a href="https://www.youtube.com/watch?v=axa9A2AoadU" rel="nofollow">video</a> posted on his YouTube channel, CrediBULL Crypto further explained why he is so confident in shorting Chainlink. He alluded to the rise in the <a href="https://bitcoinist.com/dogecoin-open-interest-66-5/" rel="nofollow">crypto token’s open interest</a> and claimed that many levered players entered Chainlink on the pump to a major resistance level. He expects that those investors who opened longs will likely begin to close their positions as soon as Bitcoin experiences a pullback and the crypto market starts bleeding again.&nbsp;</p> 
<p>The crypto analyst added that these investors will capitulate at the lows, which will bring Chainlink’s price to the range lows. CrediBULL Crypto claimed that this move will bring LINK back down to $11.96, about a 30% drop from <a href="https://bitcoinist.com/chainlink-sees-11-gains-can-link-continue-its-rally/" rel="nofollow">its current price levels</a>. Based on this, he revealed that he will be looking to short Chainlink around $16, which is the likely level for rejection.&nbsp;</p> 
<h2 id="same-expectations-for-meme-coins">Same Expectations For Meme Coins</h2> 
<p>CrediBULL Crypto also expects meme coins to experience a significant price drawdown, given the parabolic rally they have enjoyed since the beginning of the year. Meme coins <a href="https://bitcoinist.com/dogwifhat-wif-meme-coin-las-vegas-sphere/" rel="nofollow">Dogwifhat (WIF)</a> and <a href="https://bitcoinist.com/big-moves-for-shiba-inu-pepe/" rel="nofollow">Pepe (PEPE)</a> have been the most significant year-to-date (YTD) gainers among the top 50 crypto tokens, with price gains of over 1,400% and 500%, respectively.&nbsp;</p> 
<p>The crypto analyst <a href="https://x.com/CredibleCrypto/status/1791907406206718288" rel="nofollow">warned</a> that some major meme coins have already seen their tops and will likely experience significant declines. In the YouTube video he posted, he also gave insights into how low Dogecoin, WIF, and Pepe could drop.&nbsp;</p> 
<p>For Dogecoin, he <a href="https://bitcoinist.com/can-dogecoin-reach-0-2/#:~:text=Crypto%20Analyst%20Reveals%20Bearish%20Expectations,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20CrediBULL%20Crypto%20has,low%20as%20%240.5%20soon%20enough." rel="nofollow">predicts</a> that the <a href="https://bitcoinist.com/dogecoin-10-largest-meme-coin/" rel="nofollow">foremost meme coin</a> could drop to as low as $0.10. However, CrediBULL Crypto noted that he can’t short Dogecoin yet because he expects a relief pump to $0.18, the range he is looking to open a short position.&nbsp;</p> 
<p>Meanwhile, he predicts that <a href="https://www.newsbtc.com/news/from-hat-to-heights-dogwifhats-17-crypto-leap-electrifies-investors/">WIF</a> could drop to as low as $1.6, revealing that he will be looking to short it at $3.90 because he expects the meme coin to enjoy one last push to the upside before dropping to the downside. CrediBULL also predicts a significant price decline for PEPE. He claims the meme coin could experience a drawdown of as much as 60% since it recently hit a <a href="https://bitcoinist.com/pepe-whales-on-the-move-crypto-analyst-calls-for-record-shattering-price/" rel="nofollow">new all-time high (ATH)</a>.</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/OU6Rrr7u/" alt="Chainlink price chart from Tradingview.com" width="3286" height="1576">

Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why

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