Over the past day, Chainlink (LINK) has struggled to maintain a price above $26. As a result, the LINK price made a solid decline toward the low of $24. Currently, it hovers around the same price levels seen in early January. The fear/greed index has risen, now indicating a greed sentiment at level 60. However, Chainlink’s trading volume has seen a significant decline, dropping by 55.6% in the last 24 hours to $602 million.
In a broader view, LINK’s price has been on a downward trend since mid-December, decreasing from a high of $31 to approximately $18 last week. Despite this decrease, there remains substantial buying interest and market activity, suggesting that its current price is within a potential buying range. Additionally, over the last 24 hours, its market capitalization has decreased by 4.7%, reaching $15.6 billion.
Buyers Ran to Close $1.1 Million Worth Positions
After President Trump’s inauguration speech, which did not mention cryptocurrencies, the crypto market has been somewhat sluggish. Despite this, buyers are managing to keep the market from falling further.
In the last 24 hours, Chainlink (LINK) has been particularly active. Coinglass reports that about $1.14 million in Chainlink trades were liquidated, with $1.1 million of that coming from buyers ending their long positions, and sellers liquidating only $33,500.
This downtrend has also lessened interest in trading Chainlink. The total amount of unsettled derivative contracts, known as open interest, has fallen to $1.05 billion, indicating a drop in investor interest. However, the long/short ratio, which shows the balance between buyers and sellers, has increased to 1.2391.
This suggests that a majority of traders, about 55.3%, are now bullish and expect Chainlink’s price to go up soon, potentially due to broader market conditions or specific developments within the Chainlink network.
Chainlink Price Prediction: Technical Analysis
The LINK price has been facing multiple rejections around the $27. Right now, Chainlink’s price is at $24.4, having declined over 3.5% in the last 24 hours.
The LINK/USDT trading pair is hovering below $25 and could potentially rise above the immediate Fibonacci channels. However, as the RSI is below the buying zone at level 45, LINK price might retest the declining yellow line.
If the price falls below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, sellers might push it down towards the $22 range.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might continue to hover below $25. If the price moves above that level, we might see a trade around $27. On the downside, $22 is the range.
Long-term: According to the current Chainlink price prediction by Coincodex, the price of Chainlink is expected to increase by 31.99% and reach $32.32 by February 22, 2025. Coincodex’s technical indicators suggest a Bullish current sentiment, while the Fear & Greed Index indicates a score of 75, representing Greed. Over the past 30 days, Chainlink has experienced 16 out of 30 green days, amounting to 53% with a price volatility of 8.55%. Based on this forecast, it is considered a good time to buy Chainlink.
LINK price is trading at $24.4 at the time of writing. The LINK price has decreased by over 3.5% in the last 24 hours.
Throughout the day, the LINK price might continue to hover below $25. If the price moves above that level, we might see a trade around $27. On the downside, $22 is the range.
According to long-term forecasts, the Chainlink price might reach $32.32 by February 22. 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.
Source: https://blockchainreporter.net/daily-prediction/chainlink-price-for-january-23/