LINK: setting stage for reversal During the previous week, LINK has shown significant strength and high potential perceived by investors. The only thing that is currently holding stronger buying orders is investors' insecurity over general macroeconomic conditions in the future period. This is confirmed through previous week`s price moves of LINK, where the coin managed to clearly break the $8 resistance line and end the up-move at long term resistance line at $9.0.
With Friday's move to the upside, RSI moved to the level of 69. Still, a clear overbought market has not been reached, although the indicator reached levels which are very close to the overbought side. Moving averages of 50 and 200 days continue to converge toward each other, indicating high potential for the golden cross to be reached in the near future period.
RSI is showing that the price might go higher from current levels, when a clear overbought market will be reached. This would also be a signal that the short reversal is on a road for LINK. In this sense, it might be expected that LINK will continue to test the $9.0 resistance line in the week ahead. In case that this level is not breached, then the coin would revert a bit to the downside, where support line at $8.0 might be tested.
