A lot of negative news on the market during the previous week, related to FTX contingencies and recession in the US in the coming year, pushed the price of LINK to the downside and lowest weekly level at $5.8. Based on current charts it doesn’t seem that the support line at $6.0 has been broken, but it seems that it has been tested to the downside during the last two days. This is generally positive for LINK, because it shows that even in a stressful time, investors sustain confidence in this coin.
With latest price moves to the downside, RSI reached level of 34, but indicator still did not reach the clear oversold side of the market. Moving averages of 50 and 200 days continue to move as two parallel lines with tiny differences between them, still holding the probability that a potential cross might come in the near future.
As per current charts, it could be expected for LINK to enter into a short reversal, after not being able to clearly break the support line at $6.0. Considering quite low daily trading volumes, it should not be expected to make significant moves in price. There is probability for $6.5 short resistance to be tested, with currently decreased probability that $7.0 might be reached.
With latest price moves to the downside, RSI reached level of 34, but indicator still did not reach the clear oversold side of the market. Moving averages of 50 and 200 days continue to move as two parallel lines with tiny differences between them, still holding the probability that a potential cross might come in the near future.
As per current charts, it could be expected for LINK to enter into a short reversal, after not being able to clearly break the support line at $6.0. Considering quite low daily trading volumes, it should not be expected to make significant moves in price. There is probability for $6.5 short resistance to be tested, with currently decreased probability that $7.0 might be reached.
