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May 11, 2023
Chainlink is grinding lower from $6.59 to $6.35, shedding $0.239 (3.63%) today.
United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. United States Initial Jobless Claims published today at 12:30 UTC came out at 264,000, falling short of the 245,000 projections and continuing its decline from the previous 242,000 figure.
On the flip side, data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.
Chainlink USD made an initial break below its 3 day Simple Moving Average at $6.53, a possible indication of a forthcoming negative trend. On the other hand, note that Chainlink could begin to recover as it approaches significant support, now 14 cents away from $6.22. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $6.29, a low enough level to, generally, suggest that Chainlink is trading below its fair value.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Chainlink.
In the meantime, negative performances are also seen in other markets, Bitcoin closed at $26,931 (down 2.49%). EOS slides down 3.41% to trade around $0.882.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Chainlink is now trading 29.36% below the significant high of $9.33 it set around 8 months ago.
