Chainlink Price Analysis: Bullish Momentum Builds as LINKBTC Signals Upside Potential
In a recent update from CryptoWzrd, it was noted that Chainlink (LINK) closed the day on a bullish note, indicating potential for further upside. The strength in the LINKBTC pair is particularly noteworthy, as it suggests increased pressure from the bulls. On the intraday chart, the $22 level is emerging as a key bullish zone, with lower time frames offering opportunities for scalp trading.
LINKBTC Poised for Reversal
According to CryptoWzrd’s analysis, Chainlink is showing strong bullish momentum, with the LINKBTC pair printing a powerful daily candle. This bullish move coincided with a decrease in Bitcoin’s dominance, indicating a rotation of capital into altcoins like LINK. The analyst believes that one more bullish daily close from the LINKBTC pair could confirm a major reversal, further bolstering Chainlink’s bullish outlook.
Key Support and Resistance Levels
The analysis identifies $20 as the primary daily support level for Chainlink, with a move above $22 signaling strength and potential for a V-shaped recovery. If this recovery materializes, resistance targets at $25 and $30 could come into play. The intraday chart also shows volatility and a strong bullish bias, with a move above $22 considered a key indicator of strength.
Opportunities for Long Positions
CryptoWzrd highlighted potential long opportunities, particularly if a bearish pullback is followed by a decisive bullish reversal. An early entry scenario could present itself in this case. Additionally, a downside support level at $19.80 is identified for risk management purposes. The analyst is currently in a waiting period, waiting for further chart formations to confirm the direction of the market.
In conclusion, the analysis from CryptoWzrd suggests that Chainlink is poised for further upside, with the LINKBTC pair showing strong bullish momentum. Key support and resistance levels, as well as potential entry scenarios for long positions, are highlighted. Traders are advised to monitor the market closely for confirmation of bullish signals and opportunities for entry.