In his daily technical outlook, CryptoWzrd mentioned in a recent post that Chainlink (LINK) ended the session on a bullish note, suggesting the potential for further upward movement. With LINKBTC recovering from a significant oversold territory, LINK might be preparing for its next upward trajectory.
Chainlink and LINKBTC End With Bullish Daily Close
Elaborating on his recent analysis, CryptoWzrd stated that both Chainlink and LINKBTC concluded the day with bullish daily candles, indicating that momentum may be shifting in favor of buyers. This favorable setup on higher time frames shows that sentiment could be changing following recent corrective actions.
The analyst emphasized that LINKBTC must maintain this trend by generating more bullish daily candles from its current standing. Since it has already bounced back from an extreme oversold condition, the likelihood of sustained momentum is high.
A continued rally from this area could set the stage for additional gains in LINK. As momentum builds, CryptoWzrd indicated that Chainlink might challenge the $40 resistance in the upcoming days.
On the ascent, the analyst pointed out $30 as the next immediate resistance level. He believes this area could be breached easily, provided bulls keep control. On the flip side, he identified $20 as the key daily support level that must hold to safeguard LINK’s broader bullish outlook.
CryptoWzrd mentioned that he will focus on lower time frame chart setups tomorrow. By closely monitoring intraday patterns, he aims to uncover quick scalp opportunities while keeping the larger daily structure in view as Chainlink seeks to reinforce its bullish narrative.
Jackson Hole Creates Significant Volatility on LINK Charts
In his concluding remarks, CryptoWzrd pointed out that the intraday chart exhibited substantial volatility, primarily due to market reactions during the Jackson Hole Symposium. The abrupt fluctuations underscored the market’s heightened sensitivity to macroeconomic signals, keeping traders alert for short-term possibilities. His analysis suggests that a potential pullback below $26.50, followed by a bullish reversal, could create a strong long setup, aiming for targets toward $31 and beyond.
Nonetheless, CryptoWzrd warned that if Chainlink remains below the $26.50 mark without signs of recovery, the market might experience increased sideways volatility. Such scenarios often frustrate traders, as momentum diminishes and clear directional setups become harder to pinpoint. With the weekend near, the analyst’s outlook remains balanced and practical, recognizing that lower liquidity conditions may also influence price movements.
