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Chainlink at Forefront as U.S. CPI Data Sparks Market Confidence
The post Chainlink at Forefront as U.S. CPI Data Sparks Market Confidence appeared on BitcoinEthereumNews.com. The broader market sentiment is buoyant following the April U.S. inflation report. Bitcoin and altcoins have shown substantial growth, suggesting a potential change in the prevailing trend. Additionally, Chainlink appeared to be on the rebound, having increased by over 5% from yesterday’s closing price. The price has reversed direction from a multi-month low and seems to be rallying to maintain those levels. Let’s look into the details of the U.S. inflation data and examine its influence in the broader market and the prospects for Chainlink’s recovery from its recent low point. Market Morale Boosted by Easing Inflation Rates! Following the April U.S. inflation report, Bitcoin and other cryptocurrencies saw a significant uptick in value. Concurrently, the Chainlink price surged by about 5% within the day, averting the danger of descending below its multi-month low points. BREAKING: Year-over-year inflation clocked in at 3.4% in April — the 37th straight month over the Fed’s target. Overall prices are UP by 20% and real average weekly earnings are DOWN by 4.4% since Biden took office. pic.twitter.com/rCdUnIckEr — RNC Research (@RNCResearch) May 15, 2024 The Consumer Price Index (CPI), a gauge for tracking the variation in prices for a typical set of consumer goods and services, showed a year-on-year rise of 3.4% in prices. It is a modest reduction from the 3.7% inflation rate reported in March by the U.S. Bureau of Labor Statistics (BLS). Chainlink Price Prediction: What’s Next For The Crypto? The recent uptick in intraday prices signals strong bullish activity, aiming to prevent a fall below the longstanding low. At press time, the LINK crypto traded at $13.62, marking a surge of over 5%. The latest market movements have shaped a descending triangle pattern, with LINK’s price adhering to a trendline resistance, supported by the multi-month low of $12.5. Moreover,…
The post Chainlink at Forefront as U.S. CPI Data Sparks Market Confidence appeared on BitcoinEthereumNews.com.
The broader market sentiment is buoyant following the April U.S. inflation report. Bitcoin and altcoins have shown substantial growth, suggesting a potential change in the prevailing trend. Additionally, Chainlink appeared to be on the rebound, having increased by over 5% from yesterday’s closing price. The price has reversed direction from a multi-month low and seems to be rallying to maintain those levels. Let’s look into the details of the U.S. inflation data and examine its influence in the broader market and the prospects for Chainlink’s recovery from its recent low point. Market Morale Boosted by Easing Inflation Rates! Following the April U.S. inflation report, Bitcoin and other cryptocurrencies saw a significant uptick in value. Concurrently, the Chainlink price surged by about 5% within the day, averting the danger of descending below its multi-month low points. BREAKING: Year-over-year inflation clocked in at 3.4% in April — the 37th straight month over the Fed’s target. Overall prices are UP by 20% and real average weekly earnings are DOWN by 4.4% since Biden took office. pic.twitter.com/rCdUnIckEr — RNC Research (@RNCResearch) May 15, 2024 The Consumer Price Index (CPI), a gauge for tracking the variation in prices for a typical set of consumer goods and services, showed a year-on-year rise of 3.4% in prices. It is a modest reduction from the 3.7% inflation rate reported in March by the U.S. Bureau of Labor Statistics (BLS). Chainlink Price Prediction: What’s Next For The Crypto? The recent uptick in intraday prices signals strong bullish activity, aiming to prevent a fall below the longstanding low. At press time, the LINK crypto traded at $13.62, marking a surge of over 5%. The latest market movements have shaped a descending triangle pattern, with LINK’s price adhering to a trendline resistance, supported by the multi-month low of $12.5. Moreover,…
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