LINK: Is $8 sustainable?After a month of side trading, LINK finally made its break from the $5-$7 channel. This move was supported by generally increased optimism on the crypto market. However, charts are currently raising a question: how sustainable is the level of $8 for LINK?
LINK started the previous week at the $6 support line and made a swift move toward the $7 resistance line. With increased market optimism, this line was breached to the upside, and LINK managed to reach the long term resistance line at $8, where it is finishing the week. Resistance line has been tested, but it has not been breached. RSI was moved to the level of 65, leaving some minor space for the price to go higher until a clear overbought market is reached. Moving averages of 50 and 200 days continue to move as two parallel lines, without indication that the convergence might start soon.
Technical analysis is suggesting that LINK will start next week by clear testing of the $8 long term resistance line. In case that the market finds the strength to push the price higher, then the coin might seek the way toward the next resistance at $9.0. On the opposite side, there is high probability for a short term price reversal toward the support line at $7.0 in order to test it for one more time.
