Chainlink cryptocurrency trades up $0.124, approximately 2.35% higher this afternoon

Chainlink closed out today at $5.26. Today, it reached highs around $5.39 before dropping back to $5.39.

United States Fed Chair Powell testimony is next today at 14:00 UTC.

At the same time, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. Data for United States Housing Starts published yesterday at 12:30 UTC came out at 21.7%, beating projections of -0.8% and showing improvement over the preceding figure of -2.9%. United States Housing Starts (May) released yesterday at 12:30 UTC with a figure of 1.63 million, while the previous figure was 1.34 million.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. In contrast, Chainlink reversed direction at $5.32 resistance zone and retreated back 7 cents below it.

Examining the technical analysis landscape, Chainlink might continue its downtrend in the short term.

Other markets are also showing gains as having closed the previous session at $109.92, Bitcoin Cash is up 17.53% today to currently trade at around $129.19. FTX Token is up 9.54%. Litecoin increases 5.14% to trade around $84.39.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 260,000, having previously been at 262,000. The figure will be published tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at 1.87 million — worse than previous data of 7.92 million; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at United States Existing Home Sales (May) will be released tomorrow at 14:00 UTC.

On a negative trend for around 2 months. Having set a significant low of $5.13 3 days ago, Chainlink is trading 2.54% higher.