In his country Latest Chainlink Daily Technical Forecast, CryptoWzrd noted that the token closed lower, retesting the daily support level of $16.00. He mentioned plans to monitor the intraday chart closely for potential quick scalp opportunities, especially if LINK settles above $16.80, which he views as positive territory.
A potential shift in Chainlink’s current downward movement
Moving forward, CryptoWzrd noted that both Chainlink and LINKBTC ended the day with bearish candles, indicating short-term weakness. The downward movement came after a period of consolidation, indicating that traders may be taking profits following recent gains. Despite the decline, the analyst stressed that the general context of the market still holds the potential for recovery.
He further explained that LINKBTC could see an upward push if Bitcoin dominance shows positive sentiment tomorrow. A recovery in Bitcoin strength often translates into renewed confidence in the broader altcoin market, and LINK could benefit from this correlation.
According to CryptoWzrd, LINK retested the daily support level of $16 exactly as expected. This area now represents a crucial decision point, and holding above it could lead to a bounce towards the next major resistance at $20 and beyond if market conditions remain stable.
However, he warned that as the weekend approaches, volatility may rise and market volume may decline. As a result, CryptoWzrd maintained a balanced stance, stating that it is necessary to keep expectations rational and remain alert to any signs of renewed downward pressure.
A bullish breakout could spark a rally toward $19.30
Concluding its analysis, CryptoWzrd noted that Chainlink’s real-time chart showed notable volatility throughout the day, with rapid price fluctuations keeping traders on their toes. Despite the choppy movements, the price is now targeting the intraday resistance level of $16.80, a level that could play a pivotal role in determining the next trend in the short term.
He explained that an upward breakout above the $16.80 level would likely trigger a wave of renewed buying pressure. Such a move could pave the way for a rally towards the $19.30 target, an area where previous price action showed a strong reaction and potential for profit taking.
On the other hand, CryptoWzrd warned that rejection at $16.80 or prolonged trading below this resistance could lead to more sideways movement over the weekend. With trading volumes expected to decline, this range-bound behavior may continue until a clear catalyst emerges to push momentum in either direction.
He concluded his speech by emphasizing the importance of patience and clarity in the current situation. The market is at a decision point, and waiting for a stronger trade formation can provide a safer entry opportunity.
The post Chainlink Bears Show Strength, But $16 Support Could Flip The Downtrend first appeared on Investorempires.com.
