End of the previous year was pretty challenging for the crypto market. A lot of negative news related to FTX contingencies shaped the sentiment of investors. LINK ended the previous year at a $5.5 short support line, with the question if the start of the new year could bring some relief on the selling side?
During the last week of December, LINK managed to break the $6.0 support line, reaching minimum weekly level at $5.4. First week of January brought some buying orders, but still, due to the holiday season, total daily trading volume was insufficient in order to push the price back to the $6.0 resistance line. The highest weekly level reached was $5.8, where the LINK is finishing the week. In line with modest market moves, RSI made incremental changes from the level of 36 up to 46. There is still no signal that the market is eyeing the overbought side. Moving average of 50 days started its divergence from MA200 counterpart, which decreases probability of potential cross in the near future.
As per current charts, the probable target of LINK would be the $6.0 resistance line in the coming period. However, considering low daily trading volumes, currently it might be a struggle for this coin. On the opposite side, a short support line at $5.5 might be tested for one more time.
During the last week of December, LINK managed to break the $6.0 support line, reaching minimum weekly level at $5.4. First week of January brought some buying orders, but still, due to the holiday season, total daily trading volume was insufficient in order to push the price back to the $6.0 resistance line. The highest weekly level reached was $5.8, where the LINK is finishing the week. In line with modest market moves, RSI made incremental changes from the level of 36 up to 46. There is still no signal that the market is eyeing the overbought side. Moving average of 50 days started its divergence from MA200 counterpart, which decreases probability of potential cross in the near future.
As per current charts, the probable target of LINK would be the $6.0 resistance line in the coming period. However, considering low daily trading volumes, currently it might be a struggle for this coin. On the opposite side, a short support line at $5.5 might be tested for one more time.
