LINK: short break?During the previous week, LINK entered into relaxed mode, making incremental moves between levels of $6.7 up to $7.4. For the second week in a row, a $7.4 level was an unbreakable line for LINK. This comes as daily trading volumes are significantly decreased, so there has not been enough market strength to push the price higher. But this is not a problem for LINK, as recent price developments points to high investor’s confidence in this coin.
RSI is still moving above level of 50, indicating that the market is still more oriented toward the overbought side, and is still not eyeing the oversold one. On the other hand, the moving average of 50 days continues to modestly diverge from its MA200 counterpart, decreasing the probability of potential cross in the near future.
As per current chart, there is possibility for LINK to revert a bit to the downside, after not being able to push the price above $7.4 level for the second week in a row. There is some probability that the price might revert back to $6.7 short-stop, eventually $6.5 support line, before it reverts back to $7.0 resistance, and probably $7.4 for one more time.
