Chainlink Bears Show Strength, But $16 Support Could Flip The Downtrend

In his latest Chainlink daily technical outlook, CryptoWzrd noted that the token closed bearish, retesting the $16.00 daily support ￰0￱ mentioned plans to monitor its intraday chart closely for potential quick scalp opportunities, particularly if LINK holds above $16.80, which he views as a positive zone. A Possible Shift In Chainlink’s Current Bearish Action Moving on, CryptoWzrd pointed out that both Chainlink and LINKBTC closed the day with bearish candles, signaling short-term ￰1￱ downside move came after a period of consolidation, suggesting that traders may be taking profits following recent ￰2￱ the pullback, the analyst emphasized that the overall market context still holds potential for ￰3￱ Reading: Chainlink Targets $22 As LINKBTC Shows Signs Of Reversal – Is The Next Rally Close?

He further explained that LINKBTC could experience an upward push if Bitcoin dominance shows positive sentiment tomorrow. A recovery in Bitcoin’s strength often translates to renewed confidence in the broader altcoin market, and LINK could benefit from this ￰4￱ to CryptoWzrd, LINK’s retest of the $16 daily support level played out exactly as ￰5￱ zone now represents a crucial decision point, holding above it could trigger a rebound toward the next major resistance of $20 and beyond if market conditions remain stable. However, he cautioned that with the weekend approaching, volatility may rise and market volume could thin ￰6￱ a result, CryptoWzrd maintained a balanced stance, noting that it is essential to keep expectations rational and remain alert for any signs of renewed bearish ￰7￱ Breakout Could Ignite A Rally Toward $19.30 Concluding his analysis, CryptoWzrd noted that Chainlink’s intraday chart displayed notable volatility throughout the day, with rapid price swings keeping traders on ￰8￱ the choppy movements, the price is now teasing the $16.80 intraday resistance, a level that could play a pivotal role in determining the next short-term ￰9￱ Reading: Chainlink (LINK) Triangle Setup Points To $100, Says Analyst He explained that a bullish breakout above $16.80 would likely trigger a wave of renewed buying ￰10￱ a move could pave the way for a rally toward the $19.30 target, an area where previous price action has shown a strong reaction and potential for ￰11￱ the other hand, CryptoWzrd cautioned that a rejection from $16.80 or prolonged trading below this resistance could lead to more sideways movement over the ￰12￱ lower trading volumes expected, this range-bound behavior may continue until a clear catalyst emerges to drive momentum in either ￰13￱ concluded by emphasizing the importance of patience and clarity in the current ￰14￱ market is at a decision point, and waiting for a stronger trade formation could offer a safer entry ￰15￱ image from Getty Images, chart from ￰16￱