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June 28, 2023Chainlink slides down from $6.2 to $6 today, losing $0.196 (3.22%).
- Chainlink is currently trading at $6 following the release of Fed Chair Powell speech data from the United States.
- Today's fall comes after a 10 day uptrend, during which Chainlink added 16.85% to its value
United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000. Data for United States Consumer Confidence published yesterday at 14:00 UTC came out at 109.7, beating projections of 104 and showing improvement over the preceding figure of 102.5.
Chainlink USD made an initial break below its 50 day Simple Moving Average at $6.1, a possible indication of a forthcoming negative trend. Chainlink is currently flirting with an active Fibonacci support level around $6.14. Chainlink's upper Bollinger Band® is at $6.41 which indicates a further downward move may follow. In contrast, Chainlink could begin to recover as it approaches significant support, now 11 cents away from $6.11. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Chainlink to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Chainlink is expected to attract significant bearish sentiment in the coming days.
United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC. Tomorrow at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6.
FTX Token is up 9.54%. Algorand USD is trading around $0.12 (down $0.008). Cardano closed at $0.274 (down 4.27%).
Chainlink is now trading 20.74% above the significant low ($5.13) it slumped to 10 days ago.
