Chainlink is showing signs of weakness after a bearish shift in momentum, with sellers gaining the upper hand in the short term. However, the $9.55 level remains a critical pivot, and a successful flip above this resistance could quickly turn the tide back in favor of the bulls and open the door for a stronger recovery.
Bearish Daily Close Signals Rising Selling Pressure
The most recent daily candle for both Chainlink and LINKBTC has closed with a bearish bias, signaling a period of short-term exhaustion. According to technical insights from CryptoWzrd, this downward pressure suggests that the asset remains in a vulnerable position.
However, the path to recovery for Chainlink is heavily dependent on the trajectory of Bitcoin Dominance (BTC.D). A retracement in BTC.D would likely provide the necessary momentum for altcoins, specifically the LINKBTC pair, to pivot to a more bullish stance. This shift in capital flow is essential for LINK to challenge its immediate overhead
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