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June 30, 2023
Chainlink got off to a strong start by gaining $0.4 (+6.8%), only to run out of steam later in the session around $6.42. Currently, Chainlink is trading around the $6.3 level.
On the flip side, Pending Home Sales in United States fell short of market expectations (-0.5%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.
At the same time, United States Core PCE Price Index (YoY) (May) released today at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3.
As the trading day comes to an end, chart analysis indicates Chainlink USD price action is currently oscillating around the $6.1 resistance level with prices moving above and below several times during the session. Trend and momentum analysis indicates that Chainlink made an initial breakout above its 50 day Simple Moving Average at $6.07, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $5.87 to $6.42, Fibonacci-inclined Chainlink traders were highly concentrated around active Fibonacci resistance at $6.06. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $6.45, thereby suggesting that Chainlink is becoming overvalued.
Overall, while Chainlink has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Chainlink shows positive signs, other assets are also on par: Litecoin gained 26.57% and is now trading at $107.27. Having closed the previous session at $254.07, Bitcoin Cash is up 21.75% today to currently trade at around $309.32. EOS is up 10.27%.
Chainlink hit a significant low of $5.13 around 12 days ago, but has since recovered 14.94%.
