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 the Fib levels. The fear/greed index has dropped, now showing an extreme fear sentiment at level 19. Meanwhile, Chainlink’s trading volume has dropped by 16.6% in the last 24 hours, reaching $704 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 dropped by 9.3%, hitting $8.12 billion.
LINK’s Open Interest Rises
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.
In the last 24 hours, Chainlink has seen a significant amount of long position liquidations. According to Coinglass, about $1.32 million in LINK trades occurred, with long liquidations accounting for $854K of this volume. On the other hand, sellers liquidated around $463K 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 $430 million, reflecting a 5.4% increase in just 24 hours.
Chainlink Price Prediction: Technical Analysis
Chainlink is experiencing significant downward pressure, struggling to surpass the $14 mark. Recent attempts by buyers to curb the downturn have fallen short, pushing the LINK price toward a potential further decline below key Fibonacci levels. Currently, Chainlink’s price is at $13.08, having decreased by 1.1% over the past 24 hours.
The trading activity around the LINK/USDT pair shows continuous resistance from sellers, blocking any immediate price advances. With the Relative Strength Index (RSI) lingering below the midpoint at 39, Chainlink might face further declines, possibly retesting the $11.7 mark. Should it stabilize above this threshold, there’s a chance for a rebound to $14.7, and perhaps even as high as $17.6 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 decline. If the price maintains its current momentum, we might see a retest of $11.7. On the upside, $14.7 is the range.
Long-term: According to Coincodex’s current Chainlink price prediction, the price is expected to increase by 8.36%, reaching $13.80 by April 11, 2025. Technical indicators suggest a bearish sentiment, while the Fear & Greed Index indicates a level of 34, classifying the market mood as ‘Fear’. Over the past 30 days, Chainlink has experienced 13 green days, representing 43% of the time, with a price volatility of 11.23%. Based on these forecasts, it is currently considered an unfavorable time to purchase Chainlink.
How much is the LINK price today?
LINK price is trading at $13.08 at the time of writing. The LINK price has dropped by over 1.1% in the last 24 hours.
What is the Chainlink price prediction for March 12?
Throughout the day, the LINK price might continue to decline. If the price maintains its current momentum, we might see a retest of $11.7. On the upside, $14.7 is the range.
Is LINK a Good Buy Now?
According to long-term forecasts, the Chainlink price might reach $13.8 by April 11. 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.
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