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June 23, 2023Chainlink jumps by 9.81% for its largest single-day gain since November 2022.
Chainlink is currently trading at $6.12 following the release of Services PMI data from the United States.
Nevertheless, United States Crude Oil Inventories published yesterday at 15:00 UTC came out at -3.83 million, falling short of the 329,000 projections and continuing its decline from the previous 7.92 million figure.
Meanwhile, United States Services PMI came out at 54.1, while a consensus of analysts was expecting 54. United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
As the trading day comes to an end, chart analysis indicates Chainlink USD broke through the $5.75 resistance and climbed above it 37 cents; next resistance level is at $5.88. Trend analysis indicates that Chainlink made an initial breakout above its 21 day Simple Moving Average at $5.63, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $5.71 by around $0.408 with prices hammering out a $5.57 – $6.12 session range. According to asset volatility analysis, Chainlink's upper Bollinger Band® is at $6.28, this is a slight indication of a slowdown.
Overall, while Chainlink has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Chainlink shows positive signs, other assets are also on par: having closed the previous session at $133.92, Bitcoin Cash is up 37.41% today to currently trade at around $184. EOS gained 9.76% and is now trading at $0.746. Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Pointing downwards for around 2 months. Chainlink hit a significant low of $5.13 around 5 days ago, but has since recovered 8.55%.
