Chainlink Price Prediction for February 10

In the last 24 hours, the price of Chainlink (LINK) has been struggling to reach $20, but it has faced some challenges. Despite these difficulties, buyers are still optimistic as the overall market trend is starting to look positive. The price is now stabilizing at levels similar to those seen in mid-January. The fear/greed index has gone down, now indicating a fear sentiment at level 35. Also, Chainlink’s trading volume has jumped by 53% in the last 24 hours, reaching $483.9 million.

Looking at the longer trend, LINK’s price has been falling since mid-December, dropping from a high of $31 to about $15 on February 3. Even with this decrease, there is some minor buying interest and market activity around the low price, keeping it within a potential buying range. In the last 24 hours, its market capitalization has dropped by 0.51%, reaching $11.97 billion.

LINK Price Faces Nearly $1 Million Liquidation from Bulls

The cryptocurrency market is starting to bounce back after a big crash. Buyers took this as a chance to buy more when prices were low, which led to a noticeable increase in the price of LINK.

According to data from IntoTheBlock, the netflow of LINK is in the negative at $3 million, meaning more LINK is being taken off exchanges than brought in. However, the trend of amount leaving has been declining over the past few days.

In the last 24 hours, there’s been a lot of trading with Chainlink (LINK). Coinglass reports that trades worth about $1.37 million were settled, and $1 million of that was from buyers closing their long positions.

With the recent ups and downs in prices, interest in trading Chainlink has gone down. The open interest, which shows the total unsettled trading contracts, has fallen to $560.5 million, a decrease of just over 1.02% from yesterday.

Chainlink Price Prediction: Technical Analysis

The price of Chainlink is currently struggling to surge above $20, indicating weakening buyer confidence. Consequently, bears are consolidating the price around the $18 mark, making it challenging for buyers to break through the immediate 23.6% Fibonacci channel. Currently, Chainlink’s price stands at $18.77, having risen over 0.8% in the last 24 hours.

The LINK/USDT trading pair is hovering above $18 and could potentially rise above the immediate Fibonacci channels. With the Relative Strength Index (RSI) approaching the buying zone, there is a possibility that Chainlink’s price could climb above $22. If it manages to sustain above $22, this could prove advantageous for buyers, possibly driving the price up to $25.

Conversely, if the price remains below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, sellers might push it down towards a retest of $15.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to hover below $20. If the price moves above that level, we might see a trade around $22. On the downside, $15 is the range.   

Long-term: According to Coincodex’s current Chainlink price prediction, the price of Chainlink is expected to increase by 18.52%, reaching $21.59 by March 10, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, while the Fear & Greed Index indicates a level of 44, classified as ‘Fear’. Over the past 30 days, Chainlink has experienced 14 green days, which accounts for 47% of the time, with a price volatility of 10.77%. Based on this forecast, it is currently considered a poor time to purchase 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.