| 
March 02, 2023
Chainlink is consolidating around the $7.23 level after dropping $0.3 at the start of the trading session.
New United States Initial Jobless Claims improved upon the previous 192,000 figure while also exceeding analyst expectations with a reading of 190,000.
On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
Amid the market gloom, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.
Technical analysis trend indicators suggest that Chainlink USD made an initial break below its 21 day Simple Moving Average at $7.33, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $7.2 currently serving as support. If price action breaks below, the next Fib hurdle is $7. According to asset volatility analysis, Chainlink's lower Bollinger Band® is at $6.58, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis indicates Chainlink could begin to recover as it approaches significant support, now 12 cents away from $7.35. 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 slumps 3.32% to trade around $0.348. Litecoin closed at $94.81 (down 3.11%).
Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
On an upward trend for about 2 months now. Chainlink hit a significant low of $5.47 around 2 months ago, but has since recovered 37.69%.
