Chainlink Shows Bullish Signals While Bitcoin Remains Market Driver
CRYPTOWZRD reported a bullish close for Chainlink, indicating potential further gains. However, he noted that Bitcoin's performance will influence this movement.
Key Analysis Points
- LINK’s daily candle closed bullish, signaling a positive trend.
- LINKBTC also ended positively, supporting the short-term bullish outlook.
- More bullish daily closes for LINKBTC are needed to confirm momentum.
- A move above the 0.000140 BTC resistance could accelerate LINK’s price action.
- Potential rally toward the $16 resistance level is anticipated.
- $12.50 is identified as a key support level on the daily timeframe.
- Bitcoin and Bitcoin Dominance are primary drivers for Chainlink's market behavior.
Looking forward, CRYPTOWZRD sees signs of a bullish recovery in LINK’s intraday chart, contingent on Bitcoin's strength. While short-term pullbacks are expected, they may present favorable entry points for traders. He advises waiting for clear confirmation of the next trade setup before acting.
