Bearish Chainlink currently $0.25 lower after trading as low as $7.36

Chainlink slides down from $7.63 to $7.38 today, losing $0.25 (3.27%).

United States FOMC Meeting Minutes is next today at 19:00 UTC.

Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

Chainlink USD made an initial break below its 10 day Simple Moving Average at $7.4, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $7.4 currently serving as support. If price action breaks below, the next Fib hurdle is $7.21. Chainlink's upper Bollinger Band® is at $8.12 which indicates a further downward move may follow. In contrast, Chainlink could begin to recover as it approaches significant support, now 2 cents away from $7.41. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems Chainlink is likely to continue pointing down in the short term.

In the meantime, negative performances are also seen in other markets, Bitcoin Cash is trading around $138.36 (down $6.81). Bitcoin closed at $23,776 (down 2.76%).

Positive performances can be seen by looking at other markets as FTX Token surges 9.54% to trade around $1.36.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 194,000. New data is set to be published tomorrow at 13:30 UTC.

Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.

On an upward trend for about a month now. Chainlink hit a significant low of $5.47 around a month ago, but has since recovered 39.48%.