Chainlink Price Prediction for March 20

Over the past 24 hours, the price of Chainlink (LINK) attempted to surge above the $15 mark but failed. The LINK price rejected the $15 resistance, resulting in a drop below the immediate 23.6% Fib level. The fear/greed index has surged, now showing a fear sentiment at level 31. Meanwhile, Chainlink’s trading volume has surged by 64% in the last 24 hours, reaching $527 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 4.71%, hitting $9.66 billion.

LINK’s Volatility Rate Surges

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 $15 mark. Amid the volatility, the volatility rate for Chainlink has made a sharp increase. Data from IntoTheBlock reveals that LINK’s volatility rate surged from the low of 115.3% to 121.7%. This shows increasing chances of a breakout on the price chart.

In the last 24 hours, Chainlink has seen significant trading activity. According to Coinglass, about $1.03 million in LINK trades occurred, with long liquidations accounting for $320K of this volume. On the other hand, sellers liquidated around $714K 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 $489 million, reflecting a 0.7% gain in the last 24 hours.

Chainlink Price Prediction: Technical Analysis

Chainlink is encountering some resistance in its attempt to surpass the $15 mark. Despite these challenges, the asset’s price remains supported by crucial Fibonacci levels, with buyers actively defending these zones. Currently, Chainlink’s price stands at $14.52, marking a 1% increase over the past 24 hours.

For the LINK/USDT trading pair, persistent seller resistance is evident, capping significant price gains. However, with the Relative Strength Index (RSI) positioned at 57, just above the midpoint, there is potential for Chainlink to advance further and potentially challenge its descending resistance line.

Should Chainlink break above this key resistance, we might see its price climb to $18.12, with the possibility of an extension up to $22 if the bullish momentum continues. Conversely, a fall below the $11.7 threshold could trigger a significant retreat in Chainlink’s market value.

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 Coincodex’s latest Chainlink price prediction, the value of Chainlink is expected to increase by 15.15%, potentially reaching $16.73 by April 19, 2025. Technical indicators currently suggest a Bearish sentiment, while the Fear & Greed Index indicates a Neutral position at 49. Over the past 30 days, Chainlink has experienced 14 green days, which represents 47% of the time, with a price volatility of 10.83%. Based on these forecasts and market conditions, it is currently advised against purchasing Chainlink.

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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