LINK: testing $8.5 is (not) over?Since the beginning of August, LINK had a good period, where the price of the coin was pushed to the higher grounds, up to the long term resistance level of $9. Since this was a moment when the market reached its clear overbought side, it was expected that the coin would start with a short term reversal. LINK started the previous week around level of $9 and soon started its down trend to the level of $6.8, where the coin is ending the week.
With the latest moves, RSI was pushed from the level of 70 down to 37. Oversold market has not been reached during the week. At this moment, charts are not pointing that the coin is still ready to reach this side. Moving average of 50 days is quite modestly converging toward its MA200 counterpart, however, there is still significant distance between them, in which sense, it is too early to speak about golden cross formation.
Current charts are pointing that LINK will start next week by testing the $7 support line to the downside. There is no clear indication that this line might be breached, instead it could be expected a short reversal to the upside. In this sense, resistance at $8.5 might be a next target for LINK in a week ahead.