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May 03, 2023
While on a 16 day downtrend Today is looking a bit better: without a clear-cut direction, Chainlink is trading around $7 and ranging between $6.92 and $7.
United States ADP Nonfarm Employment Change (Apr) is next.
Uncertainty around Chainlink is reflected by published market data as United States JOLTs Job Openings (Mar) came out at 9.59 million, while a consensus of analysts was expecting 9.78 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -3.94 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.
Chainlink's notable support and resistance levels: Chainlink USD is approaching key support, around 12 cents away from $6.87. 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. Technical analysis trend indicators suggest that Chainlink made an initial break below its 200 day Simple Moving Average at $6.93, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Chainlink's upper Bollinger Band® is at $8.33 and the lower is $6.39.
Overall, technical indicators suggest Chainlink has no obvious direction for the immediate future.
While Chainlink is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is now trading at $1.36. UNICORN Token USD closed at $6.43 (down 2.98%).
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million, having previously been at -5 million. The figure will be published today at 14:30 UTC. United States Interest Rate is expected today at 18:00 UTC. United States Initial Jobless Claims projected to come out at 240,000 — worse than previous data of 230,000; data will be released tomorrow at 12:30 UTC.
Chainlink has fallen back around 42.79% over the past 11 months, from a notable high of $12.2.
