Scraping limbo, an indecisive price action tug-of-war: will it break free or be drawn into the depths? All eyes are set on Bitcoin, the market puppet master. Any twitch in dominance will send LINK shooting either upward or downward. The edge of critical support is where LINK is currently dancing while waiting for the move from king Crypto, all coiled and ready.
Falling Wedge Holds The Key To Chainlink Next Big Move
CRYPTOWZRD’s latest X statement is painting Chainlink as being in limbo so to speak. Daily candles for both LINK and LINKBTC seemed to have closed with a shrug, thus indicating a breath being held by the market. This hesitant rhythm usually hints at traders standing on a waiting mode for the ongoing seismic event. Are we upon the verge of a breakout, or is it going to be a breakdown? Time and the next candle will tell.
LINKBTC is tightening like a spring! A falling wedge is here, a classic bullish setup, and it has been turned green especially after a recent dip into oversold territory. Eyes on it: when Chainlink breaks out of the wedge, it might be the next enormous upward explosive-reflecting the much-needed turn now at the market.
CRYPTOWZRD foresees a possible LINK price surge on a weakening grip of Bitcoin dominance. Keep a close check on the faltering Bitcoin dominance; that’s your signal. As Bitcoin shrinks in shadow, altcoins like LINK tend to expand their influence. Keep the reign of Bitcoin under close scrutiny; it is the predictor of LINK’s force move.
The resistance poses $12.50: the ultimate line, after which great things can happen. A bounce here can fertilize the rocket towards the next $16 resistance level-or even more. All eyes are glued to this level-the bulls’ real proving ground.
While he signed off, he once again reiterated his laser-focused pursuits: the chaotic dance-off at the lower time frames is an arena for his lightning-fast scalp trades. Forget sitting back, waiting for the incoming tide; CRYPTOWZRD is hunting for those fleeting ripples: a hawk to any twitch or trembling in price or jolting in volatility, ready to pounce.
Choppy Intraday Action Keeps Bulls Cautious
The LINK chart screams restless seas, offering no sessions in smooth sailing today. What choppy intraday trading will do is hide any particular script to follow. Expect a sell-off near $12.85, maybe a shallow dive before that springboard to a bullish run. Eyes should be set on $14.40 from which this journey could sail if the bulls take charge.
Chainlink seems to be balancing on the edge of a knife. Anything below $12.85 can force it into sideways purgatory, with its fate being buffeted by the whims of go-with-the-flow Bitcoin. With the compass of the market spinning in all directions, the analyst suggests patience: wait for the fog to dissipate before wagering on Chainlink’s next move.
Featured image from Adobe Stock, chart from Tradingview.com
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