Over the past 24 hours, the price of Chainlink (LINK) attempted to surge above the $14 mark but failed. As a result, the price dropped below immediate Fib levels and currently bears are aiming for further drops below support channels. The fear/greed index has dropped, now showing a fear sentiment at level 25. Meanwhile, Chainlink’s trading volume has surged by 10.33% in the last 24 hours, reaching $329 million.
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 2.83%, hitting $9.17 billion.
LINK Struggles Despite Rising Volatility
Over the last 24 hours, the LINK price has been attempting to surge above the immediate resistance line. However, it faces strong bearish domination around the $14 mark. However, despite this bearish pressure, the volatility rate for LINK has been on a surge as indicated by IntoTheBlock. Data reveals that the metric surged from the low of 114% to 118% in a week, suggesting chances of a potential breakout.
In the last 24 hours, Chainlink has seen significant trading activity. According to Coinglass, about $709K in LINK trades occurred, with long liquidations accounting for $430K of this volume. On the other hand, sellers liquidated around $278K 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 dropped to $459 million, reflecting a 2.5% drop in the last 24 hours.
Chainlink Price Prediction: Technical Analysis
Chainlink is experiencing downward pressure, struggling to surpass the $14 mark. However, buyers are strongly defending immediate Fib levels. Currently, Chainlink’s price is at $14.16, having surged by 3.5% over the past 24 hours.
The trading activity around the LINK/USDT pair shows continuous resistance from sellers, blocking any immediate price surges. With the Relative Strength Index (RSI) hovering above the midpoint at 57, Chainlink might face further surges, possibly retesting the descending resistance line.
Should it stabilize above this threshold, there’s a chance for a rebound to $18.12, and perhaps even as high as $22 if momentum continues. Conversely, a fall below $11.7 could trigger a significant market correction for Chainlink.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might continue to surge. If the price maintains its current momentum, we might see $18.12. On the downside, $11.71 is the range.
Long-term: According to the latest Chainlink price prediction from Coincodex, the price of Chainlink is expected to increase by 28.72% and reach $17.91 by April 17, 2025. Technical indicators from Coincodex suggest that the current market sentiment is Bearish, and the Fear & Greed Index indicates a level of 34, categorized as Fear. Over the past 30 days, Chainlink has experienced 14 out of 30 green days, with a price volatility of 11.82%. Based on this forecast, it is currently considered a bad time to buy Chainlink.
LINK price is trading at $14.16 at the time of writing. The LINK price has surged by over 3.5% in the last 24 hours.
Throughout the day, the LINK price might continue to surge. If the price maintains its current momentum, we might see $18.12. On the downside, $11.71 is the range.
According to long-term forecasts, the Chainlink price might reach $17.91 by April 17. This makes LINK price a good 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.
