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Technical analyst CRYPTOWZRD shared his latest take on Chainlink (LINK)’s price action in a recent post on X, pointing out that the asset ended the day with a neutral, indecisive close. While the session lacked a clear directional push, he noted that this kind of pause often precedes a sharper move.
CRYPTOWZRD plans to monitor the intraday chart tomorrow for a potential reversal setup above the $15.85 mark, which he views as the first sign of bullish intent. However, a sustained move above $16.80 would offer a more confirmed breakout and a stronger long opportunity, indicating buyers are beginning to take control.
Can Chainlink Break Free From Current Stagnation?
In his latest analysis, CRYPTOWZRD pointed out that LINK and LINKBTC closed today’s session indecisively, with daily candles reflecting weakness in the price action. While the lack of a clear direction is notable, both assets will need to see a surge in buying pressure from these levels in order to establish a new bullish trend.
Particularly for LINKBTC, CRYPTOWZRD suggested that a potential push higher could materialize as Bitcoin dominance nears its resistance target. This rise in Bitcoin dominance could provide the necessary tailwind for LINK to gain momentum and transition into a bullish phase in tandem with broader market movement.
For LINK, the $16 level has become an important support zone as a bullish reversal from this area would add impulsive price action, potentially driving Chainlink toward the $19.50 resistance target in the near term.
If Chainlink breaks decisively above $19.50, CRYPTOWZRD anticipates a more substantial rally that could propel the asset towards the $30 resistance level. However, these bullish outcomes hinge on a consistent upside pressure and a healthy price structure to support the move.
At this juncture, the market is waiting for the formation of the next trade setup, whether it be a strong reversal off support or a clean breakout above resistance, to provide momentum for the next significant move.
Watch For Breakout Or Consolidation
In conclusion, the analyst observed that today’s intraday chart was characterized by choppy and slow price action, with no clear direction established. Given the lack of momentum, the expectation is heightened volatility as the market works through these levels. However, the price needs to break decisively above the $16.80 intraday resistance level to trigger a solid long entry.
That said, there is also the possibility that price may move sideways in the near term, consolidating within a range. If that occurs, $15.85 will act as the key intraday support target, where the market could find temporary stability before deciding its next move. With the current indecisiveness in the market, the best course of action is to wait for a well-formed chart pattern or a clear setup that provides a high-probability trade entry.
Featured image from Adobe Stock, chart from Tradingview.com
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