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March 11, 2023
A 16 day downtrend has resulted in the asset losing $1.77. Today is looking a bit better: after ending today at $6.23, today Chainlink went up to $6.39 before paring back gains and settling around $6.23.
This uncertain state for Chainlink is reflected by published market data as data for United States Non Farm Payrolls released yesterday at 13:30 UTC is better than expected with 311,000, but worse than previous figure of 504,000. Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Chainlink USD made an initial breakout above its 3 day Simple Moving Average at $6.25, a potential indicator of a newly emerging bullish phase. Chainlink's upper Bollinger Band® is at $8.1 and the lower is $5.96. Chainlink is approaching key support, around 28 cents away from $5.95. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Although price action remains in a stalemate, technical analysis suggests Chainlink could be primed for a break to the upside.
Meanwhile, mixed performances are seen elsewhere as FTX Token surges 9.54% to trade around $1.36. Bitcoin rises 2.31% to trade around $20,670.
Chainlink reached a significant high of $18.08 around 11 months ago but has lost 65.53% since then.
