One look at the chart from the last week and first thought is that the market just loves LINK. This is one of the best performing altcoins during the increased market optimism which was evident during the previous week. Although LINK started the week struggling around $6,5 level, the price soon went to the higher grounds, breaching the $7 resistance and ending the week by testing next resistance at $8,0. For some time in the past, we have been mentioning that investors see high potential in this coin, and its increasing use among crypto practitioners and networks.
RSI indicator started the week below 50, but it is clearly heading toward the overbought side of the market. Currently, the indicator stands at level of 65, missing 5 points until the clear overbought market side is reached. Moving averages of 50 and 200 days started to modestly converge toward each other. There is still distance between them, but at least there is some indication that a potential cross might occur some time soon.
LINK had a strong push in price during the previous week, in which sense, if some short reversal occurs in the coming days, it should not be a huge surprise. On the other hand, there are still prevailing buying orders as of the end of the week, which might push the price even to the level of $8,5 during the week ahead. It should be taken with precaution, as short reversal also might occur, at least to the level of $7,5, with low probability that support at $7 might be tested.
RSI indicator started the week below 50, but it is clearly heading toward the overbought side of the market. Currently, the indicator stands at level of 65, missing 5 points until the clear overbought market side is reached. Moving averages of 50 and 200 days started to modestly converge toward each other. There is still distance between them, but at least there is some indication that a potential cross might occur some time soon.
LINK had a strong push in price during the previous week, in which sense, if some short reversal occurs in the coming days, it should not be a huge surprise. On the other hand, there are still prevailing buying orders as of the end of the week, which might push the price even to the level of $8,5 during the week ahead. It should be taken with precaution, as short reversal also might occur, at least to the level of $7,5, with low probability that support at $7 might be tested.
