Chainlink (LINK) and MATIC Predicted Correction, Good Chance to Buy?

A leading crypto strategist warned that Chainlink (LINK) may experience a major correction in the near future. The same goes for Polygon MATIC.

The analyst under the pseudonym Credible, who has 394,500 followers on social media platform X, stated that the original asset of this leading decentralized oracle network appears to have reached the peak of the intermediate cycle.

According to the analyst, a deep corrective move is now being predicted for LINK after experiencing a major rally in recent months.

"I understand that after 10 months of only rising and rallying 4-fold, a decline lasting 2-3 months with a decrease of 50-60% is normal, natural and healthy. Furthermore, anything deeper than that but above the origin of the impulsive movement is a higher low and technically completely fine."

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LINK Predictions According to Credible

Credible uses Elliott Wave theory, which states that bullish assets tend to rise five waves before going down.

The analyst claims that LINK has completed its five-wave rally and is now ready for a correction towards support at $7.26 (around Rp108,900).

LINK Price Today

At the time of writing, LINK is trading at a level of Rp273,403 per coin. LINK's price movement is fairly positive with an increase of 3.12% in the last 24 hours.

Source: Bittime

Polygon Prediction (MATIC)

In addition to LINK, Credible is also bearish on Ethereum (ETH) scaling solution, Polygon (MATIC), with predictions that this altcoin will fall to support at $0.585 (around Rp8,775).

"Hello MATIC my old friend, it's time to sell you again. Potential upside to 5-8% more, but look for a decline of at least 20%."

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MATIC Price Today

At the time of writing, MATIC is trading at the level of Rp11,136 per token. This crypto asset has decreased by 1.59% in the last 24 hours based on data monitoring from Bittime on Monday 20/05/2024.

Source: Bittime

Reasonable Correction

According to a report from Cointelegraph, corrections like those predicted for LINK and MATIC are part of the broader crypto market dynamics.

Over the past few months, the crypto market has experienced high volatility, with many altcoins experiencing significant gains before finally experiencing a decline. These corrections are often considered healthy and necessary to maintain market stability over the long term.

Also read: Solana's DEX Transactions Outperform Other Blockchains with 210 Million Transactions!

In CoinDesk's analysis, the use of Elliott Wave theory, as practiced by Credible, is a common method used by technical analysts to predict price movements in the crypto market. This theory helps identify patterns of price movement and predict potential points for trend reversals.

Investors are advised to always exercise caution and do in-depth research before making any investment decisions, especially in highly volatile markets like crypto. Drastic price movements can occur in a short period of time, and a good understanding of technical analysis and market dynamics is key to managing risk effectively.

Conclusion

Analyst predictions suggest that both Chainlink (LINK) and Polygon (MATIC) may face a correction period in the near future. Investors are expected to be vigilant and closely monitor market developments, given the high volatility that characterizes the crypto market.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.

Learn the Complete Guide on How to Buy Crypto on Bittime.

Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Chainlink ($LINK) Price Predictions: Growth Potential in 2024

NOTCOIN Prediction: Could It Rise to $1.05 This Week?

6 Best Altcoins with Multiple Profits, Must Invest

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.