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April 21, 2023
Chainlink is grinding lower from $7.53 to $7.32, shedding $0.214 (2.84%) today.
Chainlink is currently trading at $7.32 following the release of Services PMI data from the United States.
Meanwhile, United States Services PMI released today at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) came out at -31.3, while a consensus of analysts was expecting -19.2.
Chainlink USD could begin to recover as it approaches significant support, now 3 cents away from $7.35. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Chainlink peaked above its 21 day Simple Moving Average around $7.56 — typically an early indicator of a new bullish trend beginning to emerge. Chainlink's lower Bollinger Band® is at $6.76, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems Chainlink —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Ripple is trading around $0.46 (down $0.017). Ethereum is down $56.26 from the beginning of the session and now trades around $1,889.
Other assets are showing positive performances as FTX Token added 9.54% to its value, now trading at $1.36.
Registering some good gains for about a month now. After hitting an important low of $5.47 approximately 3 months ago, Chainlink has bounced back 37.64% since.
