Chainlink (LINK) On Standby: Bitcoin’s Next Move Holds The Key

Chainlink's latest session was marked by indecisive candles and choppy intraday action, indicating a lack of clear direction. Traders are now looking to Bitcoin's next move for guidance, as any significant shift in BTC dominance could impact LINK's price action. Until Bitcoin shows its hand, LINK remains on standby, hovering near key support levels. A falling wedge pattern is forming on the LINKBTC daily chart, which is considered a bullish formation, especially in oversold conditions. A breakout from this wedge is essential for Chainlink to trigger the next impulsive move upward, signaling a potential shift in momentum. This breakout is more likely to occur once Bitcoin dominance begins to decline, allowing altcoins like LINK to gain strength. The critical next support target is $12.50, and a strong reversal from this point could ignite a rally toward the $16 resistance level or higher. The analyst is focusing on lower-timeframe charts to identify quick scalp opportunities, keeping a close eye on price action and volatility. The intraday chart remains sluggish and choppy, offering little in terms of clear directional bias, and the analyst warns that if Chainlink holds below the $12.85 level, it could slip into prolonged sideways movement. Overall, the analyst advises patience, waiting for a cleaner structure to emerge before making any decisive moves.