There has been some positive news for Chainlink during the previous week, as news reported that Two Sigma Securities, one of the leading crypto hedge funds, will start cooperation with Chainlink by providing data, which includes swaps, options and other information related to derivatives. At the same time, there has not been a market reaction on the price of the LINK, as markets were generally traded flat during the week.
At the beginning of the previous week, LINK was testing a $7.0 support line. Without strength to clearly break it, the coin reverted to the upside to test the resistance line at $8.0. However, at this point there has not been strength to move above this level. LINK is ending the week around $7.4 level. RSI tried at one occasion to cross the 50 level and head toward the overbought side of the market, however, it soon reverted back to the level of 50. Moving averages of 50 and 200 days are currently moving as two parallel lines, which means that the golden cross is still on hold.
For the second week in a row, charts are clearly pointing to the $6.5 level as the next target for the coin. During the previous week this level has not been tested, so it is postponed for the week ahead. On the opposite side, there is some probability for the resistance line at $8.0 to be tested for one more time.
At the beginning of the previous week, LINK was testing a $7.0 support line. Without strength to clearly break it, the coin reverted to the upside to test the resistance line at $8.0. However, at this point there has not been strength to move above this level. LINK is ending the week around $7.4 level. RSI tried at one occasion to cross the 50 level and head toward the overbought side of the market, however, it soon reverted back to the level of 50. Moving averages of 50 and 200 days are currently moving as two parallel lines, which means that the golden cross is still on hold.
For the second week in a row, charts are clearly pointing to the $6.5 level as the next target for the coin. During the previous week this level has not been tested, so it is postponed for the week ahead. On the opposite side, there is some probability for the resistance line at $8.0 to be tested for one more time.
