LINK: eyeing oversold marketPrevious week LINK started by testing the $0.7 support line, but due to generally decreased market optimism, this level has not been breached. Instead, general moves on financial markets after Chair Powell's speech, pushed the coin to the downside and level of $6.4 where the coin is ending this week. At the same time, it is worth noting that LINK increased its coins in circulation by 4.5% w/w, which is showing some positive developments regarding this coin.
RSI was modestly pushed down from level of 42 to the level of 34. Oversold market has not been reached, but it is evident that the market is eyeing this side. Moving averages of 50 and 200 days continue to move as two parallel lines, still not indicating that potential cross is in store anytime soon.
At this point, charts are suggesting that the market is still eyeing downside, with prevailing selling orders still on the market. In this sense, there is a probability that LINK will move to the support line at $6 to test it in the coming period. With such a move, RSI would reach a clear oversold side, indicating that the reversal is coming. On the opposite side, there is a low probability that the LINK will head toward this resistance line to test it once again.
