CoinTelegraph Report:
A prominent cryptocurrency analyst has issued a warning, suggesting a popular altcoin could undergo a significant adjustment.
Cryptocurrency trader Ali Martinez informed his 66,600 followers on social media platform X that decentralized oracle provider Chainlink (LINK) may experience a substantial price drop after failing to maintain crucial support levels.
“If below $12.70, LINK could face a 45% price adjustment!”
Source: Ali Martinez/X
According to the trader’s charts, LINK appears at risk of a head and shoulders pattern breakdown. In technical analysis, this pattern often signals the beginning of a downtrend for an asset.
The trader’s charts also suggest LINK could drop below $7.00. At the time of writing, LINK is trading at $12.22, down 1.55% in the past 24 hours.
Regarding Bitcoin (BTC), Martinez stated that Bitcoin could drop below $50,000 before leveraging the bull market intervention.
“Bitcoin currently lacks significant support. The major key demand wall is around $47,000, and for a bullish market recovery, Bitcoin must close and hold above $61,000.”
Source: Ali Martinez/X
The analyst further emphasized that cryptocurrency whales unloaded tens of thousands of Bitcoins in just the past 30 days.
“Cryptocurrency whales sold over 30,000 Bitcoins in the last month, valued at approximately $1.8 billion!”
Source: Ali Martinez/X
He also noted that in just the past week, 21,000 Bitcoins were sent to cryptocurrency exchanges, amounting to $1.24 billion, potentially for sale on the open market.
At the time of writing, the highest valued cryptocurrency asset is trading at $56,235, marking a 1.16% decline in the past 24 hours.
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