It was a very good week for LINK. Coin found strength to make a move toward the long term resistance line at $9.0. LINK finished the previous week by testing this level. At the same time, a clear overbought market has been reached, which decreases the probability for this level to be further breached to the upside. Nevertheless, LINK made significant progress in a single week.
RSI reached level of 72, clearly indicating that the coin reached the overbought side of the market, implying that short term reversal is ahead. At the same time, MA50 started its modest divergence toward its MA200 counterpart. The golden cross is still far away, as two lines have some distance between them to overcome.
Current charts are indicating that LINK will start the week by testing the $9 resistance line. At this moment there is no clear indication on potential for this line to be breached to the upside. Instead, RSI is adding to probability for a short reversal, which might lead LINK back toward the $8 support line to test it once again.
RSI reached level of 72, clearly indicating that the coin reached the overbought side of the market, implying that short term reversal is ahead. At the same time, MA50 started its modest divergence toward its MA200 counterpart. The golden cross is still far away, as two lines have some distance between them to overcome.
Current charts are indicating that LINK will start the week by testing the $9 resistance line. At this moment there is no clear indication on potential for this line to be breached to the upside. Instead, RSI is adding to probability for a short reversal, which might lead LINK back toward the $8 support line to test it once again.
