LINK continues to follow the general market trend. During the previous week, the coin started with a short reversal, after reaching a clear oversold market two weeks ago, however, the coin did not manage to sustain new levels and reverted a bit back, to the levels from the start of the week. Highest level reached during the week was the $8 long term resistance line, while the coin is finishing the week around $6.8.
Charts show that RSI is still not ready to exit the oversold market, although this indicator started this road in a quite shy manner, by reaching level of 34. Moving averages of 50 and 200 days continue to move as two parallel lines but this time with a clear down trend.
Technical analysis is pointing to the probability that LINK might head toward the $8 long term line to test this level one more time in the coming days. There is currently no indication that this line might be breached to the upside. On the opposite side, if selling orders emerge, LINK might turn to $6 support line.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
Charts show that RSI is still not ready to exit the oversold market, although this indicator started this road in a quite shy manner, by reaching level of 34. Moving averages of 50 and 200 days continue to move as two parallel lines but this time with a clear down trend.
Technical analysis is pointing to the probability that LINK might head toward the $8 long term line to test this level one more time in the coming days. There is currently no indication that this line might be breached to the upside. On the opposite side, if selling orders emerge, LINK might turn to $6 support line.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
