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June 06, 2023Chainlink rallies $0.207 (3.41%) deep into the session, trading at $6.27.
Chainlink is currently trading at $6.27 following the release of EIA Short-Term Energy Outlook data from the United States.
Meanwhile, United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released yesterday at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. Following a previous reading of 0.6%, Factory Orders in United States released yesterday at 14:00 UTC fell short of the 1.1% figure expected by analysts with an actual reading of 0.4%.
Chainlink USD could be slowing down soon as it approaches resistance at $6.33. Of course, crossing it might suggest further gains are ahead. Chainlink's upper Bollinger Band® is at $6.74, this is a slight indication of a slowdown. On the other hand, note that Chainlink made an initial breakout above its 3 day Simple Moving Average at $6.18, a potential indicator of a newly emerging bullish phase.
Technical analysis of Chainlink price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Chainlink shows positive signs, other assets are also on par: FTX Token is up 9.54%. Bitcoin gained 4.63% and is now trading at $26,928. Having closed the previous session at $0.067, Dogecoin is up 6.64% today to currently trade at around $0.071.
Also worthy of note, United States Crude Oil Inventories expected to decline to 1.15 million while its preceding data was 4.49 million, data will be available tomorrow at 14:30 UTC.
Pointing downwards for around a month. Chainlink has fallen back around 35.03% from the significant high of $9.33 set 9 months ago.
