| 
May 09, 2023
Slightly weaker but mostly flat: Chainlink is currently trading at $6.54 as it maintains an active range between $6.54 and $6.63.
- United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
- Today's losses are adding to a 22 day bearish run, during which Chainlink lost $2 of its value.
Technical analysis of Chainlink before macro data is released:
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $6.58, a low enough level to, generally, suggest that Chainlink is trading below its fair value. A study of Chainlink's chart reveals various key levels to watch: Chainlink could begin to recover as it approaches significant support, now 15 cents away from $6.39. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Chainlink is likely to remain muted for the immediate future, with no clear-cut direction.
Coming up for Chainlink — United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Crude Oil Inventories projected to come out at -1.6 million — worse than previous data of -1.28 million; data will be released tomorrow at 14:30 UTC.
As the markets get ready for more data to be released — Bitcoin Cash jumps 8.68% to trade around $120.89. FTX Token is up 9.54%. EOS is up 1.47%.
Having soared to a high of $9.33 approximately 8 months ago, Chainlink is now trading 29.4% lower.
