LINK: $6.0 will hold ?Although LINK had a good prospectus just before FTX news hit the market, the higher optimism must be postponed for the moment. Markets need time to calm down and to regain confidence after the scandal, in which sense, LINK could not perform in a much better way from current moves.
As daily trading volumes significantly decreased, the price of LINK was moving between levels of $6.6 down to $6.0. The support line at $6.0 is holding strongly for LINK. Since May this year it was the lowest level for the coin. RSI made tiny moves between levels of 40 and 43. Moving averages of 50 and 200 days are moving so close to each other, but still as two parallel lines. The golden cross might come soon, but it will take some market reaction to the positive side of the market.
In a week ahead, fundamentals will hold the market attention, in which sense, some significant moves should not be expected. Of course, more negative news will have a negative impact on the price of LINK, where it would be pushed lower from the current support line. In case that this is not a scenario for a week ahead, then modest recovery should be expected, at least to the levels below the $7.0 resistance line.
