After closing at $7.43 today, Chainlink began today at $7.43 with significant bullish sentiment driving Chainlink's price action higher. So far today, price action has drawn out a distinct $7.43 to $7.57 range.
United States ISM Non-Manufacturing PMI (Nov) is next today at 15:00 UTC.
Visual analysis of Chainlink's chart shows that Chainlink USD broke through the $7.5 resistance and climbed 2 cents above it. With regards to technical trend indicators, chart analysis show that Chainlink made an initial breakout above its 5 day Simple Moving Average at $7.5, a potential indicator of a newly emerging bullish phase. Chainlink failed to break through the $7.59 Fibonacci resistance level. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $8.05, thereby suggesting that Chainlink is becoming overvalued.
Overall, the technical outlook suggests Chainlink is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as Litecoin is up 7.85%. FTX Token ascends 5.44% to trade around $1.47. Having closed the previous session at $111, Bitcoin Cash is up 3.04% today to currently trade at around $114.39.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Nov) will be released today at 15:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
Chainlink is now trading 28.96% above the significant low ($5.76) it slumped to 15 days ago.