Chainlink slides down to $6.81 ahead of United States ADP Nonfarm Employment Change (Feb)

Struggling to find upward momentum, Chainlink has shed $0.069 to currently trade at $6.81 as it ranges between $6.77 and $6.92 so far today.

• United States ADP Nonfarm Employment Change (Feb) is next today at 13:15 UTC.
• Today's losses are adding to a 13 day bearish run, during which Chainlink lost $1.12 of its value.

Earlier data releases related to Chainlink – United States API Weekly Crude Oil Stock came out at -3.83 million, while a consensus of analysts was expecting -308,000. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.635, while the previous figure was 4.073.

Here is the technical analysis of Chainlink before macro data is released:

Despite being in the red so far in the current trading session, Chainlink USD peaked above its 5 day Simple Moving Average around $6.91 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $6.55, a low enough level to, generally, suggest that Chainlink is trading below its fair value. Chainlink bounced after reaching the $6.87 support zone, climbing 6 cents above it.

Technical analysis indicates that Chainlink's current downtrend might soon change course and start climbing up in the short term.

Coming up for Chainlink — United States ADP Nonfarm Employment Change (Feb) will be released today at 13:15 UTC. As things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 395,000, following on from the preceding figure of 1.17 million. New data is set to be published today at 15:30 UTC.

As the markets get ready for more data to be released — FTX Token gained 9.54% and is currently trading at $1.36. After ending today's session at $20.28, Solana lost $0.928 and is trading around $19.35. Tezos USD is trading around $1.07 (down $0.038).

Trading mostly sideways for 2 months. Over the past 11 months, Chainlink has retreated 61.95% from a noteworthy peak of $18.08.