For over a month, side trading is a dominant way of trading for LINK. Previous week was not different. Coin started the week at level of $6.3 and reached weekly highest level at $7.5, before it slipped back below $7. With the latest moves, the resistance line at $7 has been clearly tested, but the market just didn’t have enough strength to sustain the coin at higher grounds.
During the week RSI moved from level 50 up to 59. This is an indication that the market is eyeing the overbought side, however, there is still no market potential for such a move. Moving average of 50 days slowed down significantly its divergence from MA200, however, there is still no indication that convergence might start soon.
Current charts are showing that the market is still eyeing the overbought side, which is adding to the probability that $7.0 resistance will be tested one more time in the coming days. Considering highly decreased trading volumes, it could not be said if this level would be clearly breached in the coming days. On the opposite side, the support line stands at $6.0, which might be tested one more time, before the market finally reverts to the upside.
During the week RSI moved from level 50 up to 59. This is an indication that the market is eyeing the overbought side, however, there is still no market potential for such a move. Moving average of 50 days slowed down significantly its divergence from MA200, however, there is still no indication that convergence might start soon.
Current charts are showing that the market is still eyeing the overbought side, which is adding to the probability that $7.0 resistance will be tested one more time in the coming days. Considering highly decreased trading volumes, it could not be said if this level would be clearly breached in the coming days. On the opposite side, the support line stands at $6.0, which might be tested one more time, before the market finally reverts to the upside.
