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Is Chainlink Poised to Hit $22 With LINKBTC Signaling a Reversal? Find Out If a Rally Is Near!
In the latest chainlink news, CryptoWzrd has provided a compelling update indicating that Chainlink is closing on a bullish note, with potential for further upward movement. The LINKBTC pairing is showing strength, adding momentum and suggesting increased pressure from bullish traders. As we analyze the intraday charts, the $22 level is emerging as a crucial bullish zone, while lower time frames offer opportunities for scalping.
LINKBTC: A Catalyst for Chainlink’s Reversal
CryptoWzrd’s thorough analysis confirms a strong bullish close for both Chainlink and its LINK/BTC pairing. The LINK/BTC pair recently printed a powerful bullish daily candle, which notably coincided with a decline in Bitcoin’s dominance. This phenomenon suggests a rotation of capital from Bitcoin into altcoins like Chainlink, indicating significant underlying strength for LINK.
Experts believe that a key confirmation of a major reversal is on the horizon. If LINK/BTC can achieve just one more bullish daily close, it is likely to boost bullish momentum further, solidifying the reversal and enhancing LINK’s bullish prospects. In terms of price structure, the analysis identifies $20 as the primary daily support level for Chainlink. With the strength observed in the LINK/BTC pairing, a second consecutive bullish daily close could instigate a rapid V-shaped recovery in price. This would imply a swift and aggressive retracement of the recent dip.
Potential Rally Targets: $25 and Beyond
Should this V-shaped recovery materialize, the immediate outlook suggests a rally toward key resistance levels, such as $25, followed by a more ambitious target of $30. The potential for a significant upward movement is underscored by the bullish sentiment captured in the intraday chart, which reflects both volatility and a strong underlying bullish bias.
Importantly, CryptoWzrd highlights that a move above the $22 resistance level is a clear indicator of strength. In light of this anticipated movement, the analyst is looking to take a long position. Additionally, an alternate entry scenario could present itself sooner than expected. If a bearish pullback occurs from the current price, followed by a decisive bullish reversal, this could trigger an early long opportunity.
As traders monitor the market, an immediate downside support level is noted at $19.80, providing a safety net for potential long positions. For now, the analyst finds himself in a wait-and-see mode, as the current market dynamics remain ambiguous regarding immediate entry points.
Conclusion: Waiting for Confirmation
In conclusion, the next steps involve waiting for the market to further develop and produce chart formations that confirm the direction of Chainlink. With the current indicators suggesting an impending bullish trend, traders are advised to keep a close eye on the LINK/BTC pairing and the key resistance levels ahead.
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