Over the past 24 hours, the price of Chainlink (LINK) has been on a strong upward rally. However, the price later rejected the level at $14.7 and declined sharply. The fear/greed index has dropped, now showing an extreme fear sentiment at level 19. Meanwhile, Chainlink’s trading volume has surged by 216% in the last 24 hours, reaching $1.04 billion.
Looking at the longer trend, LINK’s price has been declining since mid-December, dropping from a high of $31 to about $15 on 3 February. In recent weeks, LINK price has been facing strong bearish pressure as bears strongly defend a surge above $15. In the last 24 hours, its market capitalization has surged by 6.4%, hitting $9.05 billion.
LINK Faces Nearly $2 Million Liquidation
Over the last 24 hours, the LINK price has been attempting to surge above the immediate resistance line at $14.7. However, it failed to maintain buying demand around that level, resulting in a strong decline.
In the last 24 hours, Chainlink has seen a significant amount of long position liquidations. According to Coinglass, about $1.93 million in LINK trades occurred, with long liquidations accounting for $800K of this volume. On the other hand, sellers liquidated around $1.13 million worth of positions.
Amidst this bearish pressure, interest in Chainlink trading has surged. Open interest, which tracks the total number of outstanding trading contracts, has risen to $506 million, reflecting a 16.3% increase in just 24 hours.
Chainlink Price Prediction: Technical Analysis
Chainlink has shown a notable recovery toward the critical resistance level of $14.7. However, buyers failed to make a breakthrough as LINK price faced intense bearish pressure and dropped below immediate Fib channel toward $13.5. As of writing, LINK price trades at $13.8, surging over 3% in the last 24 hours.
The LINK/USDT trading pair faces strong resistance around $14.7 where bearish sentiment rises. However, with the Relative Strength Index (RSI) positioned at 48, just below the midpoint, Chainlink is poised for further declines.
It could challenge the $14.7 mark again, and if it secures a foothold above this level, a further push towards $17.65 seems plausible.
Conversely, increased selling pressure at these resistance points could reverse the gains, potentially dragging LINK’s price down to $11.75. A breach below this point might trigger a significant price correction.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might continue to surge toward $14.7. If the price maintains its current momentum, we might see a surge to $17.65. On the downside, $11.75 is the range.
Long-term: According to the latest Chainlink price prediction on Coincodex, the price of Chainlink is expected to increase by 16.48% and reach $16.32 by April 14, 2025. Technical indicators suggest a bearish sentiment, and the Fear & Greed Index is currently at 0. Over the past 30 days, Chainlink has experienced 13 green days, which represents 43% of the time, with a price volatility of 12.26%. Based on these forecasts, it is currently not advisable to purchase Chainlink.
LINK price is trading at $13.8 at the time of writing. The LINK price has surged by over 3% in the last 24 hours.
Throughout the day, the LINK price might continue to surge toward $14.7. If the price maintains its current momentum, we might see a surge to $17.65. On the downside, $11.75 is the range.
According to long-term forecasts, the Chainlink price might reach $16.32 by April 14. This makes LINK price a bad investment considering its monthly yield.
Investment Risks for Chainlink
Investing in LINK price can be risky due to market volatility. Investors should:
- Conduct technical and on-chain analysis.
- Assess their financial situation and risk tolerance.
- Consult with financial advisors if necessary.
