Chainlink is trading around $8.04, down by $0.52 (6.07%)

Late into the session, Chainlink loses $0.52 (6.07%), currently trading at $8.04.

Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in Chainlink are expected to follow.

Amid the market gloom, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%.

Chainlink USD could begin to recover as it approaches significant support, now 15 cents away from $8.19. Dipping below could be an indication that further losses are ahead. Chainlink made an initial break below its 5 day Simple Moving Average at $8.3, a possible indication of a forthcoming negative trend. Chainlink's upper Bollinger Band® is at $8.53 which indicates a further downward move may follow.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Chainlink.

In the meantime, negative performances are also seen in other markets, Ripple closed at $0.49 (down 8.06%). EOS closed at $1.13 (down 7.23%). Dogecoin is down $0.007 from the beginning of the session and now trades around $0.087.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with -1 million while previous data was 597,000; data will be released today at 14:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is expected tomorrow at 14:00 UTC.

Registering some good gains for about a month now. Chainlink hit a significant low of $5.47 around 3 months ago, but has since recovered 56.47%.