Chainlink Bears Dominate, $16 Support May Reverse Downtrend
CryptoWzrd's latest analysis on Chainlink (LINK) highlights several key points for investors:
- Chainlink closed bearish, retesting the $16.00 daily support level.
- The intraday chart will be closely monitored for scalp opportunities if LINK holds above $16.80, considered a positive zone.
- Both Chainlink and LINKBTC showed short-term weakness with bearish candles after consolidation, indicating profit-taking by traders.
- An upward push for LINKBTC could occur if Bitcoin dominance improves, benefiting altcoins like LINK.
- The $16 daily support level is crucial; holding above it could lead to a rebound towards the $20 resistance.
- With the weekend approaching, volatility may increase, and market volume could decrease, requiring cautious expectations.
Additional insights include:
- A bullish breakout above $16.80 might initiate buying pressure, potentially rallying toward $19.30.
- A rejection from $16.80 or prolonged trading below this level may result in sideways movement over the weekend.
- Patience is advised as the market awaits a stronger trade formation for safer entry opportunities.
