The market was not happy about inflation figures, which implies potential further FED's rate increases, so it switched to the sell side. LINK was following general market sentiment during the previous week, after not being able to cross the $8.0 resistance line. The lowest weekly level reached was $7.2 where the coin is finishing the week.
RSI took the downside, however, the indicator reached level of 50 as of the end of the week. It still does not point that the market is ready to take the road toward the oversold side. Positive development is with moving average lines, where MA50 moved quite close to its MA200 counterpart. Potential for the Golden cross is significantly increased with latest developments. This cross would also indicate the high potential for LINK to change the trend in the coming period, which is something that markets have been waiting for since the end of December last year.
Current charts are pointing to a potential for a $7.0 support line to be tested in the week ahead. However, other indicators do not show that there is higher potential for the downside. There is higher probability for LINK to revert to the upside, at least to the level of short term resistance at $7.5.
RSI took the downside, however, the indicator reached level of 50 as of the end of the week. It still does not point that the market is ready to take the road toward the oversold side. Positive development is with moving average lines, where MA50 moved quite close to its MA200 counterpart. Potential for the Golden cross is significantly increased with latest developments. This cross would also indicate the high potential for LINK to change the trend in the coming period, which is something that markets have been waiting for since the end of December last year.
Current charts are pointing to a potential for a $7.0 support line to be tested in the week ahead. However, other indicators do not show that there is higher potential for the downside. There is higher probability for LINK to revert to the upside, at least to the level of short term resistance at $7.5.
