Bullish phase under threat as Chainlink stays range-bound

While Chainlink is on an 8 day uptrend Today's session might suggest a slow down — after dropping down to $6.06, Chainlink recovers some losses and is currently trading at $6.12.

Chainlink USD made an initial break below its 50 day Simple Moving Average at $6.13, a possible indication of a forthcoming negative trend. Chainlink's upper Bollinger Band® is at $6.35, suggesting that a downward move may follow. In contrast, Chainlink is oscillating around the $6.04 level serving as support.

According to technical indicators, Chainlink is positioned for a downward move in the short term.

While Chainlink is pretty flat so far today, mixed performances are seen elsewhere as FTX Token rallies 9.54% to trade around $1.36. Algorand USD is down $0.005 from the beginning of the session and now trades around $0.132.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Building Permits will be released tomorrow at 12:00 UTC. United States New Home Sales (May) is scheduled for tomorrow at 14:00 UTC. United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.

Chainlink hit a significant low of $5.13 around 8 days ago, but has since recovered 19.85%.