There's been a noticeable uptick in criticism towards Chainlink on X, with the prevailing narrative questioning the necessity of the BIST:LINK token. I anticipate downward pressure on BIST: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 BIST:LINK could be the lows before some stronger upwards movement. Hedge accordingly.
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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 rejected
You know people don’t have much analytical capability when they keep repeating themselves
Degenhodler
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Dump it
Deliciiouz
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The criticism was loud over the last months and weeks. But it almost gone completely since CCIP GA and the (asia) tour of sergey nazarov meeting every important bank, central bank, financial authorities and managers. You really want to say that the „token is not needed“ narrative is kinda new? We get those troll comments for years. Those trolls have no clue about chainlinks fundamentals at all. But what to expect if someone chooses their trading decisions by a soft feeling like twitter sentiment ✌🏻
Jasonwnyc1
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@Deliciiouz True. On the other hand Chainlink has under performed so far. So diamond hands usually are left holding the bags. That being said that head and shoulders forming is looking legitimate and all this person is indicating is when it goes to $8.50 then fill our bags for continuation
BikBookly
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Yeah, it’s not like I don’t see Chainlink doing well. It’s a great project. And it’s not really just “soft Twitter sentiment.” It is all the bad CPI, PPI and PCE numbers, the US protests, the wars, the call for 45% capital gains tax, the indictments on Metamask and other crypto related things. There’s a lot going on.
stay2uned
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Possibly east asia will steal the show? I’ve heard hong kong will list eth
BikBookly
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@stay2uned, I don't think Eth will take off immediately. The Hong Kong market is smaller when compared to the US Bitcoin Spot ETFS. It will definitely help gradually though!
similarTuna31284
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The decline of the west is in full@SWing and Asia will rise. America will be two countries in 10 years. However, the US dollar will be the last currency to collapse, but it’s coming.