Chainlink is grinding lower from $6.02 to $6, shedding $0.023 (0.49%) today.
United States Consumer Confidence is next.
Uncertainty around Chainlink is reflected by published market data as United States Building Permits (Nov) came out at 1.34 million, while a consensus of analysts was expecting 1.49 million. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3 million, while the previous figure was 7.82 million. United States Housing Starts (Nov) came out at 1.43 million.
Chainlink USD made an initial break below its 5 day Simple Moving Average at $6.02, a possible indication of a forthcoming negative trend. On the other hand, note that Chainlink is approaching key support, around 19 cents away from $5.8. 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. A “Bullish Engulfing” pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term.
According to technical indicators, Chainlink is positioned for a downward move in the short term.
While Chainlink is pretty flat so far today, mixed performances are seen elsewhere as after ending today’s session at $0.075, Dogecoin lost $0.002 and is trading around $0.073. Ripple closed at $0.344 (down 1.65%). FTX Token closed at $0.919 (down 1.91%).
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories projected to decline to -1.66 million while previous data was 10.23 million; data will be released today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 222,000 from the preceding figure of 211,000. United States Existing Home Sales (Nov) is scheduled for today at 15:00 UTC.
Chainlink reached a significant high of $28 around 11 months ago but has lost 78.47% since then.