Chainlink drops from $6.08 to $5.78, losing $0.3 (4.94%) today.
As the trading day commences, technical analysis suggests Chainlink USD could begin to recover as it approaches significant support, now 7 cents away from $5.85. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $5.72, a low enough level to, generally, suggest that Chainlink is trading below its fair value.
Overall, the technical outlook suggests Chainlink is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, TRON is down to $0.046, losing $0.005, after closing at $0.051 in the preceding trading session. Algorand USD closed at $0.24 (down 8.68%).
Positive performances can be seen by looking at other markets as FTX Token is up 8.25%.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.5%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.
Chainlink is now trading 82% below the significant high of $33.78 it set around a year ago.