CRYPTOWZRD, a renowned technical analyst, recently dissected the price behavior of Chainlink (LINK) in a post on platform X, highlighting that the digital asset concluded the day with an ambiguous, non-committal finish. Despite the absence of a definitive direction, he pinpointed that such pauses frequently set the stage for a more intense movement.
The analyst has his eye on the intraday chart for a prospective reversal setup above the $15.85 mark, which he believes could be the first sign of a bullish intent. However, a consistent surge above $16.80 would signal a more solid breakout and a robust long opportunity, implying that the buyers are starting to dominate.
In his latest evaluation, CRYPTOWZRD noted that both LINK and LINKBTC ended the day with uncertainty, as the daily candles depicted weakness in the price trend. A surge in purchasing pressure is required from these levels to set a new bullish trend. Particularly for LINKBTC, he suggested that a potential upward push could come into play as Bitcoin dominance approaches its resistance target.
The analyst mentioned that the $16 level has turned into a critical support zone for LINK. A bullish reversal from this point could induce impulsive price movement, possibly propelling Chainlink towards the $19.50 resistance target in the short term.
If Chainlink ascends decisively above $19.50, CRYPTOWZRD forecasts a more considerable rally that could thrust the asset towards the $30 resistance level. These bullish outcomes depend on steady upside pressure and a sound price structure to back the shift.
Currently, the market is on the lookout for the formation of the next trade arrangement that could provide impetus for the next substantial move. CRYPTOWZRD advised that the best strategy at the moment is to wait for a well-structured chart pattern or a clear setup that offers a high-probability trade entry.
