It was another relatively positive week for LINK. Although the price did not move much to the higher grounds, charts are pointing that investors' eyes are on this coin, which is a good prospect for the future period. At the beginning of the week the price went a bit to the down side, and level of the short term support line at $6.5 but soon reverted back to $7.0 resistance, reaching $7.4 as the highest weekly level.
With the latest move to the upside, the coin did not manage to reach its peak from the beginning of December last year, which was $7.8. It indicates that there is still space until this level is reached. However, the actual target should be $8.0 next resistance line, but it will depend on the market strength in the coming period. RSI is moving between 54 and 64, which is showing that the market is still weighing whether to start looking at the oversold side, or it is still early for such a move. Moving averages of 50 days diverge further from the MA200 counterpart, which is further decreasing the probability of potential cross.
The FOMC meeting is coming in a week ahead, where some higher volatility across the markets might be expected. In this sense, there is equal probability for LINK to either move to the higher grounds and try to test the $8.0 resistance line, or the coin will revert modestly to the down side, at least to the level of short term support line at $6.5 to test it for one more time.
With the latest move to the upside, the coin did not manage to reach its peak from the beginning of December last year, which was $7.8. It indicates that there is still space until this level is reached. However, the actual target should be $8.0 next resistance line, but it will depend on the market strength in the coming period. RSI is moving between 54 and 64, which is showing that the market is still weighing whether to start looking at the oversold side, or it is still early for such a move. Moving averages of 50 days diverge further from the MA200 counterpart, which is further decreasing the probability of potential cross.
The FOMC meeting is coming in a week ahead, where some higher volatility across the markets might be expected. In this sense, there is equal probability for LINK to either move to the higher grounds and try to test the $8.0 resistance line, or the coin will revert modestly to the down side, at least to the level of short term support line at $6.5 to test it for one more time.
