<strong><em>LINK prices action shows another failed bullish attempt to surpass the $7.28 mark, restarting the bear cycle to hit $5.29. </em></strong>

<strong>Key technical points:</strong>
<ul>
 	<li>The LINK market price has decreased by 1.73% over the past 24 hours.</li>
 	<li>The price action shows a downtrend with an increase in trading volume.</li>
 	<li>The 24-hour trading volume of Chainlinkis $573 Million, indicating a rise of 26.16%.</li>
</ul>
<h2>Past Performance of LINK</h2>
<a href="https://www.cryptoknowmics.com/news/link-technical-analysis-rebound-to-14-6-is-possible/">LINK</a> price action shows the bullish failure to surpass the $7.28 restarting the bearish retracement to the $5.29 mark. This is the third failed bullish attempt resulting in a sideways trend between $5.29 and $7.28. Moreover, the constant lower price rejection near $5.29 teasing a third bullish reversal.

<img src="https://s3.tradingview.com/snapshots/a/A4pIxrwn.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/A4pIxrwn/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">LINK Technical Analysis </span></h2>
The bearish retracement starting after the evening star pattern and the higher price rejection in daily candle teases a downfall in the LINK prices. Hence, the short-term trend prediction remains highly bearish as the selling pressure grows, evident by the increased volume support. The DMI indicator displays the DI lines struggling to maintain a precise alignment as the multiple crossovers represent a fragile and highly volatile trend in motion. Moreover, the drastic drop in the ADX line reflects a dramatic loss in price trend momentum.

The RSI indicator indicates a bullish failure to surpass the halfway line resulting in a rounding top reversal under the 14-day SMA. Hence, the indicator mimics the price action, and the breakout of halfway can increase the likelihood of a $7.28 breakout. The MACD indicator displays a rise in selling pressure as the positive histograms return to the zero line. Moreover, the fast and slow lines warn of a bearish crossover as the bullish spread diminishes. Hence, the technical indicators and the LINK price action analysis maintain a bearish standpoint for the short term.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
If the supply increases for the LINK token, the prices will dive under the $5.29 mark, potentially dropping to the $5 mark. However, a bullish turnaround from $5.29 will drive the prices back to $7.28 to continue the consolidation further.

<strong>Resistance Levels:</strong> $7.28 and $8

<strong>Support Levels:</strong> $5.29 and $5

LINK Technical Analysis: Bearish Cycle Restarts, Teases A Drop To $5.29

LINK Technical Analysis shows another failed bullish attempt to surpass the $7.28 mark, restarting the bear cycle to hit $5.29. 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

LINK Technical Analysis: Bearish Cycle Restarts, Teases A Drop To $5.29

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