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May 07, 2023
Having lost $1.64 over 20 days, Today is looking a bit better: without a clear-cut direction, Chainlink is trading around $6.91 and ranging between $6.9 and $6.98.
As the trading day commences, technical analysis suggests Chainlink USD is approaching key support, around 7 cents away from $6.84. 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. Concerning technical analysis and more specifically, trend indicators, Chainlink made an initial breakout above its 200 day Simple Moving Average at $6.94, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Chainlink's upper Bollinger Band® is at $7.53, suggesting that a downward move may follow.
Overall, the technical outlook suggests Chainlink is likely to remain muted for the immediate future, with no clear-cut direction.
While Chainlink is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. UNICORN Token USD closed at $6.43 (down 2.98%).
Chainlink hit a significant low of $5.47 around 4 months ago, but has since recovered 26.9%.
