Chain link It continues to hold above key support levels, making the broader market cautiously optimistic. Despite the recent inconclusive candles, the setup suggests that one strong upward move could quickly turn sentiment around and reignite momentum towards higher targets.
Chainlink is facing mixed signals with the monthly candle closing lower
In his daily Chainlink technical report ExpectationsCryptoWzrd cryptocurrency analyst began reviewing the higher time frames, noting that LINK’s monthly candle closed slightly lower. In addition, the LINK/BTC pair closed its monthly candle indecisively, reflecting the lack of clear corresponding momentum Bitcoin. Meanwhile, the daily candles for both closed indecisively, setting an ambiguous tone for the near term.
CryptoWzrd emphasizes that the LINK/BTC pair should move higher to inject meaningful momentum. For this to happen, LINK/BTC would have to remain above the $0.000170 resistance level, which would generate the initial price. rising The sentiment required for Chainlink to start climbing towards the first major target.
If the necessary bullish sentiment is secured, the altcoin is expected to be pushed towards the daily resistance target of $20. The analyst highlights that a healthy bullish breakout above $20 is the crucial event that will trigger the next major uptrend. pool And confirm the stronger directional trend.
On the other hand, CryptoWzrd identifies the $16 level as the main daily support for the current structure. This price point must hold to prevent a deeper correction that would jeopardize current upside targets.
The analyst stated that his focus in the near future will shift to the chart formations for tomorrow’s lower time frame. This micro analysis will be crucial to identifying the best scalp opportunities as the market continues Unification Close to these critical structural levels.
Intermittent intraday movement keeps traders alert
CryptoWzrd went further to reveal that LINK’s intraday chart was choppy and slow, reflecting a bearish trend in the market. Although not strong batchThe price remains firm above the $16.90 level, which remains a positive sign for the short-term bulls. also, analyst Emphasize that additional upward movement is necessary to confirm a constructive chart formation and create a potential buying opportunity.
Without this breakout, the structure remains fragile, and traders may have difficulty finding reliable entry points for bullish setups. A drop below $16.90 could lead to a deeper decline, putting additional pressure on Chainlink. CryptoWzrd concluded that patience remains key in getting through the current indecisive phase, as it is best to wait for the next clear signal or trade setup before making any big moves.
