In line with expectations based on charts analysis, LINK continued to test the $7.0 resistance line during the previous week. The line has not been clearly breached, due to lower trading volumes and negative news related to Genesis bankruptcy filings. During the previous week markets were much more focused on major coins on the market, rather on altcoins. But, overall, LINK had a solid week.
Two weeks ago RSI reached a clear overbought side, but during the previous week, the indicator was still holding above level of 50. Another move toward the 70 line is unlikely at this moment, in which sense, there is an increased probability that LINK will enter into a short price correction to the downside. Moving averages of 50 days diverge further from the MA200 counterpart, which is further decreasing the probability of potential cross.
Charts are pointing to the potential of a short reversal. However, it should not be expected any sort of significant price move to the downside, rather $6.5 could be tested for one more time. On the opposite side, there is a decreased probability for $7.0 to be breached to the upside, but the coin will start the week ahead by testing this level.
Two weeks ago RSI reached a clear overbought side, but during the previous week, the indicator was still holding above level of 50. Another move toward the 70 line is unlikely at this moment, in which sense, there is an increased probability that LINK will enter into a short price correction to the downside. Moving averages of 50 days diverge further from the MA200 counterpart, which is further decreasing the probability of potential cross.
Charts are pointing to the potential of a short reversal. However, it should not be expected any sort of significant price move to the downside, rather $6.5 could be tested for one more time. On the opposite side, there is a decreased probability for $7.0 to be breached to the upside, but the coin will start the week ahead by testing this level.
