Chainlink Price Prediction for January 18

In the last 24 hours, the price of Chainlink (LINK) tried to rise above $25.6 but failed and fell below $24, dropping by 0.82%. It’s now close to the price levels it saw in early January. The fear/greed index shows that sentiment has risen sharply, currently indicating greed at level 66. However, Chainlink’s trading volume has decreased by 15.4% in the last day, totaling $930.5 million.

Looking at the broader trend, LINK’s price has been falling since mid-December, moving down from a high of $31 to about $14 this week. Despite this drop, there seems to be enough buying interest and market activity to keep its price in a potential buying zone. Over the last 24 hours, its market capitalization has also dropped by 1.28% to $15.23 billion.

Nearly $1.7 Million Long Positions Were Liquidated

The cryptocurrency market has been quite unpredictable in the last 24 hours. Interestingly, as the inauguration date for Trump approaches, the Fear/Greed index has risen to a high of 66, showing that traders are getting greedier.

Over the past day, there’s been a lot of trading activity around Chainlink (LINK), especially from buyers. According to Coinglass, about $2.74 million worth of LINK trades were liquidated, with $1.7 million of that coming from buyers closing their long positions.

After this drop in price, interest in trading Chainlink has also decreased. The open interest, which shows the total number of unsettled derivative contracts, has fallen to $1.03 billion, indicating less demand.

Moreover, the long/short ratio, which shows the balance between buyers and sellers, has dropped sharply to 0.79, meaning that most traders now expect the price of LINK to fall. Currently, 56% of traders are expecting prices to drop soon.

Chainlink Price Prediction: Technical Analysis

The price of Chainlink rejected the declining resistance line and has been dropping toward $24. Though the price is trying to stay above $24, sellers continue to dominate, leading to a pullback. Currently, the price of Chainlink stands at $23.9, having dropped over 4.4% in the past 24 hours.

The LINK/USDT trading pair is hovering around $24 and might continue to consolidate. However, as the RSI level is still around the buying region at level 62, LINK price might attempt to surge above $26. If it can sustain above $25, this would likely benefit buyers, potentially pushing the price up to $30.

Conversely, if the price drops below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, sellers might attempt to drive it back down to the $19-$20 range.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to struggle around $23-$24. If the price moves above that level, we might see a trade around $27. On the downside, $20 is the range.   

Long-term: According to the current Chainlink price prediction by Coincodex, the price of Chainlink is expected to increase by 33.73% and reach $32.27 by February 17, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bullish, while the Fear & Greed Index indicates a level of 77, representing extreme greed. Over the past 30 days, Chainlink has experienced 16/30 (53%) green days and exhibited 7.11% price volatility. Based on this forecast, it is considered a good 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.