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  • Cryptocurrency investor “CryptoWhale” has warned people about the hype around Chainlink. 
  • According to the investor, Chainlink is a bubble waiting to burst. 
  • They said that the current events are mirroring what happened after the historic bull run in 2017.

Chainlink (LINK) cryptocurrency project has made a lot of noise in recent times. However, “CryptoWhale,” an investor and an entrepreneur, recently took to Twitter to warn people not to fall for the coin’s hype. They said that LINK’s present dynamics are very similar to what happened with altcoins in 2017. 

CryptoWhale emphasized six factors that make Chainlink a bubble waiting to burst. In their opinion, cryptocurrencies such as these grow too fast, are overbought, create huge FOMO, lead to huge sell-off, have a 99% price correction and leave unsuspecting buyers holding large amounts of digital assets with diminishing value. 

The entrepreneur noted that this is exactly what happened in 2017. After the historic cryptocurrency bull run, a dumping season followed, resulting in some of the altcoins losing over 95% of their all-time high value. The sentiment expressed by CryptoWhale has received mixed responses from people. While some people backed the coin, others agreed with the opinion shared on Twitter. 

LINK/USD daily chart

LINK/USD daily chart

LINK/USD bulls stepped back in following two consecutive bearish days. The price has so far gone up from $16.88 to $17.37. The bulls will want to enter the $20-zone by crossing the $19.25 resistance level. On the downside, we have healthy support levels at $16.88, $13.75 and $12.85 (SMA 20).