It was an interesting week for LINK. Although trading volumes had significantly increased, still LINK was holding strongly to the sideway. Price was modestly pushed from level of $6.2 up to $7.7, ending the week around $7.3. It seems like LINK is trying hard to remain at current levels. Long term resistance line at $8 has not been tested during the week.
During the week RSI reached level of 45, however, market strength was weak to indicate that it has started a clear reversal after the oversold market reached two weeks ago. Break of 50 line and clear path toward overbought market is still on hold. Moving averages of 50 and 200 days are not adding to the probability of next moves, considering that they continue to move as two parallel lines.
Long term resistance line at $8 has not been tested during the previous week, so it remains a target for LINK in weeks to come. However, in a case of a negative market sentiment price might be pushed to the support line at $6 to test it one more time.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
During the week RSI reached level of 45, however, market strength was weak to indicate that it has started a clear reversal after the oversold market reached two weeks ago. Break of 50 line and clear path toward overbought market is still on hold. Moving averages of 50 and 200 days are not adding to the probability of next moves, considering that they continue to move as two parallel lines.
Long term resistance line at $8 has not been tested during the previous week, so it remains a target for LINK in weeks to come. However, in a case of a negative market sentiment price might be pushed to the support line at $6 to test it one more time.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
