Over the past 24 hours, the price of Chainlink (LINK) has been facing a strong selling pressure as it aims for a drop below $13. Sellers have gained control, aiming for a hold below immediate Fib levels. The fear/greed index has declined, now showing a fear sentiment at level 24. Meanwhile, Chainlink’s trading volume has surged by 24.3% in the last 24 hours, reaching $289 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 minor volatility as it aims for a hold above $15. In the last 24 hours, its market capitalization has dropped by 3.72%, hitting $8.6 billion.
LINK’s Long Liquidation Rises
Chainlink (LINK) has been experiencing notable downward pressure, with its price being driven towards $13 amidst a surge of selling activity. Over the last day, this bearish trend has intensified, substantially affecting LINK’s market position.
Recent statistics from Coinglass reveal that around $1.05 million in LINK positions were liquidated yesterday, predominantly affecting long traders who saw nearly $996K of their positions wiped out. In stark contrast, only $56K worth of short positions were liquidated, highlighting the predominance of sellers in the current market environment.
Additionally, the interest in trading Chainlink has waned. The total volume of unresolved trading positions, known as open interest, has fallen by 4.3%, landing at $468 million. The funding rate has also dipped into negative territory at -0.0026%, suggesting that the bearish momentum may persist in the short term.
Chainlink Price Prediction: Technical Analysis
Recently, Chainlink (LINK) has been under a heavy wave of selling pressure, pushing its price towards $13 for an extended period of consolidation. The current trading price of LINK, around $13.21, represents a drop of approximately 3.9% over the last 24 hours.
Sellers have maintained a strong grip, keeping LINK below the critical $14 threshold. This bearish trend is further underscored by the Relative Strength Index (RSI), which is currently at 26—well within the oversold territory. This suggests that there might be a potential for a price rebound.
On a brighter note, should buyers manage to push the price towards the upper boundary of the current ascending resistance channel, there’s a possibility for LINK to climb towards a resistance level at $18.12. A firm break past this resistance could enhance market confidence, potentially paving the way for further gains towards the next significant resistance level around $20.
However, if LINK fails to hold above the ascending trendline, it could face increased bearish momentum, potentially driving the price down to a key support level at approximately $11.70. A break below this support could trigger further declines, solidifying a strong bearish stance for Chainlink.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might continue to decline. If the price holds below the EMA20 trend line, we might see $11.7. On the upside, $18.12 is the range.
Long-term: According to Coincodex’s latest Chainlink price prediction, LINK is projected to rise approximately 23.27%, potentially reaching $17.46 by April 28, 2025. Coincodex’s technical indicators currently highlight bearish market sentiment, alongside a Fear & Greed Index reading of 26, reflecting “Fear.” Over the past 30 days, Chainlink experienced 16 green days (53%) and exhibited price volatility of about 6.87%. Given these conditions, Coincodex suggests it is currently not an optimal time to buy Chainlink.
LINK price is trading at $13.21 at the time of writing. The LINK price has dropped by over 3.9% in the last 24 hours.
Throughout the day, the LINK price might continue to decline. If the price holds below the EMA20 trend line, we might see $11.7. On the upside, $18.12 is the range.
According to long-term forecasts, the Chainlink price might reach $17.46 by April 28. 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.
