Chainlink (LINK) Shows Bullish Momentum with $16 Resistance in Focus

• Chainlink (LINK) shows bullish momentum, eyeing $16 resistance amid cautious market trends.
• Daily candle closes suggest strength, with LINKBTC indicating potential positive growth.
• Intraday charts show moderate volatility; resistance at $13.50 and support near $11.80.

Chainlink (LINK) is showing positive indications of a possible build-up of bullish pressure despite somewhat uncertain market trends. The chart of Chainlink versus Bitcoin also implies positive areas of potential growth, but the resistance points indicate the presence of sellers in the market.

At the time of writing, Chainlink (LINK) is trading at $12.52, with a 24-hour trading volume of $677.38 million and a market capitalization of $8.88 billion. Over the last 24 hours, LINK has shown a moderate price increase of 1.25%, reflecting renewed interest from the market.

Source: CoinMarketCap

Chainlink Closes Bullish Above Support

The crypto analyst CRYPTOWZRD pointed out that the closing of the daily candle on the LINK chart was in a bullish formation. The performance of the value of LINK in relation to Bitcoin (LINKBTC) also appears positive. However, given the onset of the weekend, it is expected that the market’s activities will remain sluggish.

Source: X

The charts show that LINK is demonstrating strength, and a breakout above the lower high trend line on a daily chart may unleash a rapid move upwards. The levels of significance in this analysis would include the resistance level of $16.00 and the support level of $12.00. Experts recommend monitoring the chart for possible trading over the weekend.

Chainlink Shows Positive Intraday Trend

LINK has been moderately volatile on intraday charts, showing a positive trend. Testing the resistance point of $13.50 may be a sign of weakening, which could be a point for a short trade. Support points on the chart, which may cause a further drop if breached, include $11.80.

Also Read | Chainlink (LINK) at a Crossroads: Can It Break Past $13.50?

Chainlink Faces Selling Pressure Ahead

Another technical analyst, GainMuse, pointed out that it seems that the LINK is rolling over from the weak rebound against the falling resistance, which means that the sellers still have control over this area. If this trend continues, the price may test lower levels of support.

Source: X

Overall, the short-term outlook for Chainlink portrays a combination of both bullish and cautious phases as investors wait for breakout points and support tests to pick the next significant price movement.

Also Read | NCFX Partners with Chainlink to Bring Regulated FX Benchmarks Onchain