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June 11, 2023Trading lower, Chainlink is currently down $0.11 as it ranges between $5.12 and $5.24 so far today.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates Chainlink is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $5.21, a low enough level to, generally, suggest that Chainlink is trading below its fair value. Visual analysis of Chainlink's chart shows that Chainlink could begin to recover as it approaches significant support, now 37 cents away from $4.76. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Chainlink will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Cardano closed at $0.267 (down 3.15%). EOS is down to $0.678, losing $0.018, after closing at $0.696 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Trending downwards for around a month. Having set a significant low of $5.15 a day ago, Chainlink is trading 1.63% higher.
