After closing at $7.33 today, Chainlink began today at $7.33 with significant bullish sentiment driving Chainlink's price action higher. So far today, price action has drawn out a distinct $7.33 to $7.63 range.
United States ADP Nonfarm Employment Change (Nov) is next today at 13:15 UTC.
Uptick comes while some more positive signs for Chainlink are out as United States Consumer Confidence released yesterday at 15:00 UTC is better than expected at 100.2 but down from preceding data of 102.2 according to new data.
At the same time, United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released yesterday at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
Chart analysis suggests Chainlink USD broke through the $7.6 resistance and climbed 13 cents above it. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Chainlink is currently trading around the $7.59 Fibonacci resistance level. Analysis based on the asset volatility indicates that Chainlink's upper Bollinger Band® is at $7.57, 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.
Other markets are also showing gains as Ethereum gained 4.21% and is now trading at $1,269. Dogecoin added 4.16% to its value, now trading at $0.106. Having closed the previous session at $16,455, Bitcoin is up 2.53% today to currently trade at around $16,871.
Moreover, macro data could boost sentiment further as United States Pending Home Sales is projected to outperform its last figure with -5%, having previously been at -10.2%. The figure will be published today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
Also worthy of note, United States Core PCE Price Index (MoM) (Oct) scheduled to come out tomorrow at 13:30 UTC.
Having set a significant high of $28 10 days ago, Chainlink is trading 27.25% lower.