LINK: $6.5 one more time?Despite increased investors interest for LINK, during the previous week the coin modestly reverted to the downside. Highest weekly level reached was $8.5, however, there has not been market strength to reach the $9 long term resistance line. At the same time, a short reversal to the downside was up to the level of $7.3, still above $7.0 support line. Market continues to make shy trades, supported by the general insecurity over future macro conditions.
During the week RSI went up, modestly below level of 60, however, as of the end of the week the indicator reached level of 48. Such moves are confirming that investors have still not clearly decided on the trading side. Moving average of 50 days started modest divergence from MA200 counterpart. It is still early to note if this is a new trend for MA50.
At this moment, charts are clearly pointing to a $6.5 short term support line, which is to be tested in the coming days. There is no clear indication that this line could be breached to the downside. On the opposite side, there is a probability that LINK will revert to the upside and $8.0 resistance line to test it for one more time. At this moment, the $9.0 long term resistance line is shortly postponed.
