Chainlink Price Prediction: Breakout Imminent as BTC Dominance Falls?
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Chainlink (LINK) shows strong bullish signals, potentially fueled by weakening Bitcoin dominance. Analyst Cryptowzrd highlights LINK's positive daily candle and LINK/BTC pair momentum as key indicators. A break above the intraday lower high trendline and sustained strength in LINK/BTC, alongside declining Bitcoin dominance, could propel LINK significantly higher. The immediate resistance level is $20; a decisive break above this could trigger a rapid rally towards $30 or more. However, the $16 level serves as crucial daily support. Holding above this is vital for maintaining the bullish structure. Cryptowzrd notes recent intraday volatility and expects continued choppy price action over the weekend due to lower trading volume. The $18.40 level is a key intraday resistance; a break above this could lead to a move toward $19.80 or higher. Conversely, staying below $18.40 suggests range-bound movement. In summary, the outlook is bullish, but traders should monitor the key support and resistance levels closely to manage risk. The speed of any potential rally depends heavily on sustained strength in LINK/BTC and continued weakness in Bitcoin dominance. This confluence of factors creates a potentially exciting scenario for Chainlink investors.
(Source: https://www.newsbtc.com/news/chainlink-breakout-brewing/)
