ChainLinkShort
Chainlink's CCIP: Buy the Rumor, Sell the News
Updated
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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