Chainlink Shows Bullish Momentum with Potential Upside After Oversold Bounce
CryptoWzrd provided a technical analysis indicating that Chainlink (LINK) closed bullishly, suggesting potential upward movement. The LINKBTC pair has rebounded from an oversold zone, signaling possible momentum for buyers.
Bullish Sentiment for Chainlink
- Both Chainlink and LINKBTC ended the day with bullish candles, indicating a shift in market sentiment.
- For LINKBTC to maintain this trend, it needs to produce additional bullish daily candles.
- After bouncing from an extreme oversold condition, follow-through strength is likely.
- Chainlink could challenge $40 resistance soon, with $30 identified as the next immediate resistance level.
- $20 serves as key daily support, crucial for maintaining a bullish outlook for LINK.
Market Volatility Influences LINK
- Jackson Hole Symposium caused significant volatility in LINK charts, highlighting market sensitivity to macroeconomic cues.
- A pullback below $26.50 followed by a bullish reversal may offer a strong long setup, targeting $31 or higher.
- If LINK remains below $26.50 without recovery signs, sideways volatility may ensue, complicating trading conditions.
- The upcoming weekend may affect liquidity and impact price movements.
