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June 14, 2023
Chainlink trades at $5.37 after gaining $0.072 (1.37%).
- United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to 1.48 million (previous figure was -451,000).
- In contrast to today's gains, Chainlink has been on a 17 day bearish trend during which it lost $1.34 of its value.
Earlier data releases related to Chainlink – highly important Producer Price Index data from United States beat analyst expectations of -0.1% with a reading of -0.3%. United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%.
Here is the technical analysis of Chainlink before macro data is released:
Chainlink USD made an initial breakout above its 5 day Simple Moving Average at $5.34, a potential indicator of a newly emerging bullish phase. Chainlink's lower Bollinger Band® is at $4.92, indicating that the market is oversold and fertile for new buyers. In contrast, Chainlink could be slowing down soon as it approaches resistance at $5.38. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, Chainlink might continue its downtrend in the short term.
Coming up for Chainlink — United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million, having previously been at -451,000. The figure will be published today at 14:30 UTC. United States Retail Sales projected to come out at -0.1% — worse than previous data of 0.4%; data will be released tomorrow at 12:30 UTC.
As the markets get ready for more data to be released — having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $0.723, Tezos USD is up 6.3% today to currently trade at around $0.769. Ripple is trading around $0.505 (down $0.014).
Trending downwards for around a month. Chainlink hit a significant low of $5.16 around 3 days ago, but has since recovered 2.66%.
