Chainlink is consolidating around the $7.19 level after dropping $0.121 at the start of the trading session.

United States Core Consumer Prices is next today at 12:30 UTC.

Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 377,000, while the previous figure was -4.35 million. Fresh 3-Year Note Auction data from United States came out at 3.81.

Chainlink USD could begin to recover as it approaches significant support, now 8 cents away from $7.27. Dipping below could be an indication that further losses are ahead. Chainlink made an initial break below its 50 day Simple Moving Average at $7.13, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $7.3 by around $0.103 with prices hammering out a $7.13 – $7.32 range by session close. Chainlink's upper Bollinger Band® is at $7.59 which indicates a further downward move may follow.

Overall, looking at the technical analysis landscape, it seems Chainlink is likely to start pointing downward in the short term.

In the meantime, negative performances are also seen in other markets, TRON is down to $0.064, losing $0.003, after closing at $0.066 in the preceding trading session. Dogecoin is down to $0.082, losing $0.002, after closing at $0.084 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token soars 9.54% to trade around $1.36.

In addition, United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000, having previously been at -3.74 million. The figure will be published today at 14:30 UTC.

Furthermore, United States Consumer Price Index is expected today at 12:30 UTC.

On an upward trend for about a month now. Over the past 11 months, Chainlink has retreated 48.64% from a noteworthy peak of $14.24.