Two weeks ago LINK had a very good week, when the price of the coin reached a resistance line at $8.0. Start of the previous week was even better, since the price was pushed to the weekly highest level at $8.7, however, the long term resistance line at $9.0 has not been tested. But the weekend brought some heavy drop in price, due to generally negative market sentiment, erasing totally profits from the last two weeks. The price of LINK is ending the week by testing the $7.0 support line. This was certainly a strong drop, which LINK did not deserve, but the market is always right.
At the beginning of the week RSI reached a clear overbought side, however, the indicator is ending the week below the level of 50, and around 45. Moving averages of 50 and 200 days continue to move as two parallel lines, still not providing much indication whether they are ready for any kind of a cross in the coming period.
LINK will start the week ahead by testing the $7.0 support line. This line was strongly holding during the last period, while emerging buying orders as of the weekend are providing some potential that $7.0 will hold in the coming days. In case of some surprises, the price might go to the level of $6.5 but just within a short period of time. On the opposite side, current charts are showing some potential for $7.5 in the coming days.
At the beginning of the week RSI reached a clear overbought side, however, the indicator is ending the week below the level of 50, and around 45. Moving averages of 50 and 200 days continue to move as two parallel lines, still not providing much indication whether they are ready for any kind of a cross in the coming period.
LINK will start the week ahead by testing the $7.0 support line. This line was strongly holding during the last period, while emerging buying orders as of the weekend are providing some potential that $7.0 will hold in the coming days. In case of some surprises, the price might go to the level of $6.5 but just within a short period of time. On the opposite side, current charts are showing some potential for $7.5 in the coming days.