Chainlink is trading at $6.7 after closing the previous day at $6.7.
- United States Consumer Price Index is next.
- While mostly sideways today, Chainlink is on a 12 day bearish trend during which it lost $0.981.
Earlier data releases related to Chainlink – United States Federal Budget Balance (Nov) released yesterday at 19:00 UTC with a figure of -249 billion, while the previous figure was -88 billion. United States 10-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.625, while the previous figure was 4.14.
Technical analysis of Chainlink before data is released:
Technical chart analysis shows Chainlink USD is approaching key support, around 17 cents away from $6.53. 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. Trend-focused traders would be interested to note 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 Chainlink's upper Bollinger Band® is at $7.73 and the lower is $6.47.
Overall, the technical outlook suggests Chainlink is likely to remain muted for the immediate future, with no clear-cut direction.
Coming up for Chainlink — United States Consumer Price Index figure is projected at 0.3%. It previously stood at 0.4%; data will be released today at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million. It previously stood at -5.19 million; data will be released tomorrow at 15:30 UTC.
As the markets get ready for more data to be released — FTX Token slips 6.33% to trade around $1.39. After ending today's session at $276.82, Binance Coin lost $7.55 and is trading around $269.27. Bitcoin Cash is up 2.19%.
Approximately 11 months ago, Chainlink reached a significant high of $28 but has struggled to hold onto its gains and declined 76.05% since then.