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February 28, 2023
A 5 day downtrend has resulted in the asset losing $0.725. Today is looking a bit better: a mostly flat day so far for Chainlink, ranging between $7.24 and $7.33; currently at $7.26.
United States Consumer Confidence is next.
Chainlink's state is reflected by market data as United States Pending Home Sales came out at 8.1%, better than analyst estimates of 1% and improving upon the previous reading of 1.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%. Core Durable Goods Orders in United States fell short of market expectations (-4%) with a reading of -4.5%, continuing the decline from the previous figure of 5.1%.
Chainlink USD made an initial breakout above its 21 day Simple Moving Average at $7.29, a potential indicator of a newly emerging bullish phase. Chainlink's upper Bollinger Band® is at $8.16 and the lower is $6.5. Chainlink is oscillating around the $7.22 level serving as support.
Despite muted price action in Chainlink, chart analysis indicates it is positioned for a bullish run in the short term.
Other markets show mixed performance as FTX Token leaps up 9.54% to trade around $1.36. EOS is up 3%.
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with 440,000 while previous data was 7.65 million; data will be released tomorrow at 15:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC. United States ISM Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
Registering some good gains for about 2 months now. Chainlink has fallen back around 59.75% from the significant high of $18.08 set 10 months ago.
