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May 26, 2023
After ending the previous trading day at $6.28, Chainlink went up to $6.38 only to drop back; still positive overall today, now trading at $6.38.
Chainlink is currently trading at $6.38 following the release of Core PCE Price Index (MoM) (Apr) data from the United States.
On the flip side, Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.
At the same time, United States Core PCE Price Index (MoM) (Apr) released today at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3.
Following today's trading session, chart analysis suggests Chainlink USD price action is currently oscillating around the $6.35 resistance level with prices moving above and below several times during the session. Trend analysis indicates that Chainlink made an initial breakout above its 3 day Simple Moving Average at $6.31, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Chainlink is oscillating around the key Fibonacci resistance level of $6.37. Analysis based on the asset volatility indicates that Chainlink's upper Bollinger Band® is at $6.75, this is a slight indication of a slowdown.
With market volatility ebbing, the current technical outlook indicates Chainlink will remain range-bound for the immediate future.
Chainlink shows positive signs, other assets are also on par: FTX Token is up 9.54% to $1.36. Having closed the previous session at $0.844, EOS is up 5.43% today to currently trade at around $0.889. Having closed the previous session at $0.454, Ripple is up 3.03% today to currently trade at around $0.468.
On a negative trend for around a month. Chainlink is now trading 14.67% below its 3-month high of $9.33.
