- LINK shows signs of recovery from $16 support as traders watch for a rebound toward $20 resistance.
- Analysts expect a bullish reversal in LINK if Bitcoin remains stable and momentum shifts from current lows.
- Sideways movement may continue around the $15 to $16 range before LINK gains strength for an upside move.
LINK’s daily chart closed bearish as both LINK and LINKBTC retreated into support zones. However, analysts suggest the asset may be preparing for a rebound. The token is trading near the $16.00 support level, where a bullish recovery could trigger a move toward $20.00 resistance if momentum strengthens. Despite recent weakness, traders are focusing on a potential short-term turnaround as Bitcoin dominance continues to steer overall market direction.
Crypto analyst CryptoWzrd shared the LINK technical outlook on November 3rd, noting that LINKBTC declined as anticipated, reaching a critical support area. According to the analyst, a healthy bounce from this location could initiate a new bullish phase, allowing LINK to regain lost ground from its October 10th correction. The market currently remains cautious, with traders watching the lower time frame charts for clearer signs of trend reversal.
Daily Chart Shows LINK Testing Key Support Levels
The daily candle for LINK and LINKBTC both closed bearish, confirming short-term weakness across the altcoin segment. The price action has now settled near the $16.00 support target, a zone closely watched by traders for reaction signals. Historically, this level has acted as a pivotal turning point during market consolidations.
CryptoWzrd noted that LINK’s recovery remains slow following its steep October decline amid a broader altcoin pullback. The analyst suggested that maintaining support near $16.00 is vital for any immediate bullish structure to form. A recovery from this region could enable LINK to reclaim $20.00 and possibly extend gains beyond that threshold.
Meanwhile, Bitcoin dominance continues to weigh on altcoins, meaning LINK’s next move will likely depend on Bitcoin’s market behavior. A stable or mildly bullish Bitcoin environment could provide the conditions necessary for LINK to break out from its current downtrend.
Intraday Setup Signals Possible Relief Rally Formation
Intraday activity for LINK has remained volatile, but it has shown emerging bullish potential. The chart pattern reveals that a reversal signal near the support territory could push prices toward the $16.90 resistance range. This area represents the first short-term target where traders may seek early long positions.
Sideways movement between $15.00 and $16.90 remains likely if Bitcoin weakens. However, a decisive push above $16.90 could indicate the start of a structured uptrend. Such a breakout would attract momentum traders looking to capitalize on short-term volatility. The analyst plans to monitor lower-timeframe chart structures for confirmation of this setup.
In previous cycles, similar patterns have preceded sharp recoveries when key support zones held firm. For now, the market awaits validation of a breakout structure capable of sustaining upside movement toward $20.00 resistance.
Market Focus: Will Bitcoin’s Momentum Drive LINK’s Next Move?
Bitcoin continues to dominate the broader crypto trend, shaping sentiment across major altcoins, including LINK. Analysts argue that LINK’s price movement will likely mirror Bitcoin’s short-term fluctuations. As long as Bitcoin maintains strength, LINK may find support stability and prepare for a relief rally.
Traders are closely watching for volume surges near current support levels to confirm renewed demand. Any weakness in Bitcoin, however, could prolong LINK’s sideways consolidation. The coming sessions may reveal whether the $16 base can evolve into a reliable launch point for the next bullish move.
The technical setup positions LINK in a delicate balance between correction and recovery—a condition that may define its trajectory through the remainder of November.
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