Popular cryptocurrency analyst Credible, Chainlink He warned investors that a major correction in the price could occur at any time.
Analyst Credible noted that LINK, the native asset of the leading decentralized oracle network, appears to have formed an intermediate cycle top. According to the analyst, LINK will now face a deep correction after experiencing major rallies in the last few months.
“After 10 months of only upward movement and a 4-fold rally, it is normal, natural and healthy to experience a 50-60% decline that will last 2-3 months. Beyond that, any depth above the onset of impulsive movement is a higher low and is technically perfectly acceptable.”
The analyst uses the Elliott Wave theory, which states that an asset in an uptrend will pull back after a five-wave increase. A look at the trader’s chart suggests that Chainlink has completed its five-wave rally and will now enter a correction towards the support level at $7.26.
At the time of this writing, LINK is valued at $16.49.
Credible is also an Ethereum (ETH) scaling solution polygon While stating that there is a downward trend in (MATIC), altcoinHe predicts that it will fall to the $0.585 support level.
“Hello old friend MATIC, it’s time to short you again. “I expect another 5-8% potential upside move, aiming for a minimum of 20% downside.”
