A noted crypto analyst is warning that a popular altcoin could be facing a major correction.
Crypto trader Ali Martinez tell A member of social media platform X’s 66,600 followers warned that decentralized oracle provider Chainlink (LINK) could see a significant price drop after failing to hold a critical support level.
“LINK Could Face a 45% Price Correction Below $12.70!”
According to traders’ charts, LINK appears to be at risk of falling from a head and shoulders reversal pattern. In technical analysis, this pattern often signals the start of a downtrend in an asset.
Traders’ charts also seem to be predicting LINK to drop below $7.00. LINK is trading at $12.22 at the time of writing, down 1.55% in the past 24 hours.
Moving on to Bitcoin (BTC), Martinez To tell Bitcoin may plummet below $50,000 before BTC bulls step in and take advantage of the dip.
“Bitcoin is currently lacking any significant support. The main demand barrier is near the $47,000 level, and BTC would need to close above $61,000 for the bull market to resume.”
The analyst next highlight It has emerged that crypto whales have sold tens of thousands of BTC in the past 30 days alone.
“Bitcoin Whales Sold Over 30,000 BTC in the Past Month, Worth About $1.8 Billion!”
He also said that 21,000 BTC, worth $1.24 billion, was lost in the past week alone. sent They will then be offered to cryptocurrency trading platforms and potentially sold on the open market.
The top crypto asset by market cap is trading at $56,235 at the time of writing, down 1.16% over the past 24 hours.
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