Chainlink continues trading sideways, currently at $7.12

It's been more of the same this session on the back of 10 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, Chainlink is trading around $7.12 and ranging between $7.09 and $7.18.

With regards to technical trend indicators, chart analysis show that Chainlink USD made an initial breakout above its 50 day Simple Moving Average at $7.17, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $7.09 to $7.18, Fibonacci-inclined Chainlink traders were highly concentrated around active Fibonacci support at $7.08. Asset volatility analysis shows that Chainlink's upper Bollinger Band® is at $7.62, suggesting that a downward move may follow. Support/Resistance levels obtained from chart analysis indicate that Chainlink is approaching key support, around 4 cents away from $7.08. 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.

With market volatility ebbing, the current technical outlook indicates Chainlink will remain range-bound for the immediate future.

While Chainlink is pretty flat so far today, mixed performances are seen elsewhere as FTX Token soars 9.54% to trade around $1.36. UNICORN Token USD improves 1.62% to trade around $6.47.

On an upward trend for about a month now. Chainlink has shed $8.3 points and is languishing 53.78% lower over the past year, leaving its yearly highs around $15.43 in the rear-view mirror.