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Chainlink Bears Show Strength, But $16 Support Could Flip The Downtrend

Source Newsbtc

In his latest Chainlink daily technical outlook, CryptoWzrd noted that the token closed bearish, retesting the $16.00 daily support level. He mentioned plans to monitor its intraday chart closely for potential quick scalp opportunities, particularly if LINK holds above $16.80, which he views as a positive zone.

A Possible Shift In Chainlink’s Current Bearish Action

Moving on, CryptoWzrd pointed out that both Chainlink and LINKBTC closed the day with bearish candles, signaling short-term weakness. The downside move came after a period of consolidation, suggesting that traders may be taking profits following recent gains. Despite the pullback, the analyst emphasized that the overall market context still holds potential for recovery.

He further explained that LINKBTC could experience an upward push if Bitcoin dominance shows positive sentiment tomorrow. A recovery in Bitcoin’s strength often translates to renewed confidence in the broader altcoin market, and LINK could benefit from this correlation.

According to CryptoWzrd, LINK’s retest of the $16 daily support level played out exactly as anticipated. This zone now represents a crucial decision point, holding above it could trigger a rebound toward the next major resistance of $20 and beyond if market conditions remain stable.

However, he cautioned that with the weekend approaching, volatility may rise and market volume could thin out. As a result, CryptoWzrd maintained a balanced stance, noting that it is essential to keep expectations rational and remain alert for any signs of renewed bearish pressure.

Bullish Breakout Could Ignite A Rally Toward $19.30

Concluding his analysis, CryptoWzrd noted that Chainlink’s intraday chart displayed notable volatility throughout the day, with rapid price swings keeping traders on edge. Despite the choppy movements, the price is now teasing the $16.80 intraday resistance, a level that could play a pivotal role in determining the next short-term direction.

He explained that a bullish breakout above $16.80 would likely trigger a wave of renewed buying pressure. Such a move could pave the way for a rally toward the $19.30 target, an area where previous price action has shown a strong reaction and potential for profit-taking.

On the other hand, CryptoWzrd cautioned that a rejection from $16.80 or prolonged trading below this resistance could lead to more sideways movement over the weekend. With lower trading volumes expected, this range-bound behavior may continue until a clear catalyst emerges to drive momentum in either direction.

He concluded by emphasizing the importance of patience and clarity in the current setup. The market is at a decision point, and waiting for a stronger trade formation could offer a safer entry opportunity.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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