This rise in Bitcoin dominance could provide the necessary tailwind for LINK to gain momentum and transition into a bullish phase in tandem with broader market movement. For LINK, the $16 level has become an important support zone as a bullish reversal from this area would add impulsive price action, potentially driving Chainlink toward the $19.50 resistance target in the near term.
However, the price needs to break decisively above the $16.80 intraday resistance level to trigger a solid long entry. Related Reading: Chainlink Just Retested Key Support – Here’s Where Price Could Be Headed Next That said, there is also the possibility that price may move sideways in the near term, consolidating within a range.If that occurs, $15.85 will act as the key intraday support target, where the market could find temporary stability before deciding its next move.
However, these bullish outcomes hinge on a consistent upside pressure and a healthy price structure to support the move. At this juncture, the market is waiting for the formation of the next trade setup, whether it be a strong reversal off support or a clean breakout above resistance, to provide momentum for the next significant move.
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