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June 03, 2023
Chainlink is grinding lower from $6.46 to $6.43, shedding $0.03 (0.47%) today.
This uncertain state for Chainlink is reflected by published market data as data for United States Non Farm Payrolls published yesterday at 12:30 UTC came out at 339,000, beating projections of 180,000 and showing improvement over the preceding figure of 294,000. United States Average Hourly Earnings published yesterday at 12:30 UTC came out at 0.3%, falling short of the 0.4% projections and continuing its decline from the previous 0.4% figure. Following a previous reading of 3.4, Unemployment Rate in United States released yesterday at 12:30 UTC fell short of the 3.5 figure expected by analysts with an actual reading of 3.7.
Chainlink USD made an initial break below its 10 day Simple Moving Average at $6.45, a possible indication of a forthcoming negative trend. Chainlink's upper Bollinger Band® is at $6.74, suggesting that a downward move may follow. In contrast, Chainlink is approaching key support, around 6 cents away from $6.37. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Chainlink is positioned for a downward move in the near term.
While Chainlink is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. TRON is up 0.69%. Having closed the previous session at $6.37, UNICORN Token USD is up 1.62% today to currently trade at around $6.47.
On a negative trend for around a month. Over the past 9 months, Chainlink has retreated 30.81% from a noteworthy peak of $9.33.
