Potential summer slowdown
There's been a noticeable uptick in criticism towards Chainlink on X, with the prevailing narrative questioning the necessity of the
LINK token. I anticipate downward pressure on LINK due to Bitcoin's influence, potentially exacerbated by the voices of skeptics, who will cite CCIP GA as a failure. While this may lead to a dip in sentiment and price, it could also present better opportunities for investment.
On the chart, a nice head and shoulders with declining volume, as well as resistance from the Bull Market Support Band and the previous trendline starting in early March.
There's been a noticeable uptick in criticism towards Chainlink on X, with the prevailing narrative questioning the necessity of the
LINK token. I anticipate downward pressure on LINK due to Bitcoin's influence, potentially exacerbated by the voices of skeptics, who will cite CCIP GA as a failure. While this may lead to a dip in sentiment and price, it could also present better opportunities for investment.On the chart, a nice head and shoulders with declining volume, as well as resistance from the Bull Market Support Band and the previous trendline starting in early March.
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Piercing down unless a bear trap starts taking shape
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Decent downtrend right now
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Getting close to the neckline!
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Retesting
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Still Cruising.
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Still seeing gradual downwards movement on Link (and many alts) with Bitcoin (below) still ranging and putting itself in a real inflection point. Bigger moves may be on the horizon.
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It is to note that this $12.80 - $13.00 range for LINK could be the lows before some stronger upwards movement. Hedge accordingly.Note
Retesting. If successful, I will flip bullish.
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Note: I already have a bag, but not a bad idea to sit with some fiat on the side if this gets rejectedNote
Broken through on wild DTCC news
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.