Prevailing selling orders from two weeks ago, just continued their trend in an environment of negative market sentiment. LINK started the previous week around $10 short term support line, and continued the bearish trend down to the level of $5.3. Since a clear oversold market has been reached, the coin started its short term reversal, finishing week at $7.2.

RSI was moving the whole week in an oversold territory, where it also finished the week. This increases the probability that the coin will start a stronger reversal in the coming days. At the same time, the moving average of 50 days is slightly moving away from its 200-days counterpart, indicating that the golden cross is still on hold.

Long term support line for LINK stands at $8. This line has been broken during the previous week, however, the coin is heading toward this level. Whether there will be strength for a move above this line will depend on buying orders on the market. In this case, LINK might try to reach the previous level of $10. On the opposite side, the level of $6 might be tested for one more time.

COINBASE:LINKUSD