After dipping down to $6.43, Chainlink regains earlier losses and goes up to $6.79.
Chainlink is currently trading at $6.79 following the release of U.S. President Biden speech data from the United States.
Meanwhile, United States Participation Rate (Feb) released today at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
Despite posting gains so far today, Chainlink USD slid below its 10 day Simple Moving Average at $6.55 in earlier trade — an early indicator that a negative trend could be emerging. After reaching the known resistance zone beginning at $6.96, Chainlink price action retreated approximately 17 cents.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Chainlink is set for a reversal in the coming days.
Other markets are also showing gains as Bitcoin gained 8.47% and is currently trading at $24,058. Binance Coin soars 6.61% to trade around $309.71. FTX Token jumps 9.54% to trade around $1.36.
Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
Chainlink has fallen back around 63.43% over the past 11 months, from a notable high of $18.08.