During the previous week LINK was following generally negative market sentiment, coming from negative developments around Silvergate bank. In this sense, the price was oriented toward the downside during the whole week. LINK started the week before around $7.5 short term resistance line, but soon reverted to the downside and lowest weekly level of $6,7. Around this level the coin is finishing the week.
RSI was clearly pushed below the 50 line, ending the week around level of 42. This implies that the market is more oriented toward the oversold side, which leaves some space for the price of the coin to move further to the downside. Moving average of 50 days clearly crossed its MA200 counterpart, forming a so-called Golden cross in technical analysis. This represents significant movement as it indicates high potential for a trend reversal. Certainly, it will take a few more days in order for Golden cross to be confirmed, considering that MA50 has slowed down its divergence from MA200 counterpart, with latest price developments.
General market sentiment is the one that is currently shaping the price of LINK. In this sense, the week ahead might be another slower one on the crypto market. The price of LINK is clearly heading toward the oversold side, which increases potential for $6,5, a short-term support line to be tested in the coming days. At this moment, there is no indication that the price could go lower from this level. On the opposite side, the resistance line at $7,0 could be tested once again.
RSI was clearly pushed below the 50 line, ending the week around level of 42. This implies that the market is more oriented toward the oversold side, which leaves some space for the price of the coin to move further to the downside. Moving average of 50 days clearly crossed its MA200 counterpart, forming a so-called Golden cross in technical analysis. This represents significant movement as it indicates high potential for a trend reversal. Certainly, it will take a few more days in order for Golden cross to be confirmed, considering that MA50 has slowed down its divergence from MA200 counterpart, with latest price developments.
General market sentiment is the one that is currently shaping the price of LINK. In this sense, the week ahead might be another slower one on the crypto market. The price of LINK is clearly heading toward the oversold side, which increases potential for $6,5, a short-term support line to be tested in the coming days. At this moment, there is no indication that the price could go lower from this level. On the opposite side, the resistance line at $7,0 could be tested once again.
