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April 27, 2023
A 10 day downtrend has resulted in the asset losing $1.58. Today is looking a bit better: without a clear-cut direction, Chainlink is trading around $7.05 and ranging between $7 and $7.2.
United States GDP is next today at 12:30 UTC.
This uncertain state for Chainlink is reflected by published market data as Crude Oil Inventories in United States fell short of market expectations (-1.49 million) with a reading of -5 million, continuing the decline from the previous figure of -4.58 million. United States Core Durable Goods Orders beat analyst expectations of -0.2% and the previous reading of -0.3% with new data of 0.3%. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.
Chainlink USD made an initial breakout above its 5 day Simple Moving Average at $7.14, a potential indicator of a newly emerging bullish phase. Chainlink's upper Bollinger Band® is at $8.37 and the lower is $6.54. Chainlink is approaching key support, around 41 cents away from $6.64. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Chainlink, chart analysis indicates it is positioned for a bullish run in the short term.
While Chainlink is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54% to $1.36. Bitcoin gained 1.59% and is currently trading at $28,878.
Moreover, as things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 0.5%, following on from the preceding figure of 0.8%. New data is set to be published today at 14:00 UTC. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of two, following on from the preceding figure of 2.6. New data is set to be published today at 12:30 UTC. United States Initial Jobless Claims projected to come out at 248,000 — worse than previous data of 245,000; data will be released today at 12:30 UTC.
Since its 52-week high of $12.74, Chainlink has lost 45.48% over the last twelve months.
