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Cryptoknowmics 2022-06-28 21:15:31

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

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

LINK prices action shows another failed bullish attempt to surpass the $7.28 mark, restarting the bear cycle to hit $5.29. Key technical points: The LINK market price has decreased by 1.73% over the past 24 hours. The price action shows a downtrend with an increase in trading volume. The 24-hour trading volume of Chainlinkis $573 Million, indicating a rise of 26.16%. Past Performance of LINK LINK 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. Source- Tradingview LINK Technical Analysis 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 th...

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