One of the most respected crypto analysts has issued a warning that a popular altcoin may be in for a major correction.
Ali Martinez, a crypto trader tells Chainlink, a decentralized oracle service provider (), has 66.600 followers of his on social media platform X.LINK() may see its price plummet after it fails to keep a critical support level.
“LINK faces a potential 45% price correction if it falls below $12.70!”
According to the chart of a trader, LINK is at risk for breaking from a Head-and-Shoulders reversal Pattern. This pattern can be used to predict the downtrend of an asset in technical analysis.
The chart of the trader also seems to indicate that LINK will fall below $7.00. LINK was trading at $12.22 as of the time this article is written, a 1.5% drop in 24 hours.
Bitcoin: What you need to know (BTC), Martinez says Bitcoin could fall below $50,000 before BTC Bulls take the opportunity to profit from this dip.
“Bitcoin currently lacks significant support. The main key demand wall is around $47,000, and for the bull run to resume, BTC must close and hold above $61,000.”
He then continues to analyze. highlight The crypto whales dumped tens and thousands of BTCs in only the last thirty days.
“Bitcoin whales have sold over 30,000 BTC in the past month, worth approximately $1.8 billion!”
He also notes that in the past week alone, 21,000 BTC worth $1.24 billion have been sent To crypto exchange platforms which may be sold at the open markets.
Market cap-wise, at the time this article was written, the most valuable crypto asset is $56,235. That’s a drop of 1.16% in just 24 hours.
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Source: dailyhodl.com
