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May 14, 2023
After closing at $6.5 today, Chainlink began today at $6.5 with significant bullish sentiment driving Chainlink's price action higher. So far today, price action has drawn out a distinct $6.46 to $6.57 range.
Chainlink USD made an initial breakout above its 5 day Simple Moving Average at $6.5, a potential indicator of a newly emerging bullish phase. Chainlink's lower Bollinger Band® is at $6.31, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Chainlink could be slowing down soon; it is getting close to the resistance line and is now at $6.59, only 2 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Chainlink to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Chainlink is expected to pick up significant bullish sentiment in the coming days.
Chainlink shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Bitcoin Cash goes up 2.21% to trade around $115.6.
At the same time, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Having set a significant high of $9.33 9 months ago, Chainlink is trading 30.34% lower.
