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14 hour ago
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Chainlink Faces Key Resistance at $16 for Potential Breakout

Crypto analyst CryptoWzrd discusses the current technical outlook for Chainlink (LINK), emphasizing potential trading triggers:

  • The daily candle closed slightly bearish, but the overall structure is constructive and nearing the $16.00 resistance.
  • A retest of the $13.50 support or a break above the $15.20 resistance will be crucial for the next major trade setup.

Indecisive Daily Close

  • Both LINK and LINKBTC showed indecisive daily closes, indicating short-term market uncertainty.
  • LINKBTC is testing its daily lower-high trendline, with potential bullish momentum if buyers re-enter.

Chainlink

  • If bullish confirmation occurs, LINK could target the $16 resistance, potentially moving to $20 on a breakout.
  • The $12 level is the primary support; a close below this could signal a correction.

Intraday Movements and Strategy

  • Current intraday movements are choppy and within a tight range, suggesting caution for short-term trades.
  • A bearish pullback to $13.50 followed by a bullish reversal is an ideal setup for a long position targeting $15.20.

The analyst plans to focus on lower time frame chart developments to identify scalp opportunities as the range breaks or setups at $13.50 unfold.