Over the past day, the price of Chainlink (LINK) has been trying to stay above $26 but faced some difficulties. Nevertheless, buyers remain hopeful as the price of LINK still looks set to rise further. It’s currently around the same price levels it was in early January. The fear/greed index has decreased, now showing a neutral sentiment at level 58. Meanwhile, Chainlink’s trading volume has surged by 232% in the last day, reaching $2.89 billion.
Looking at the longer trend, LINK’s price has been declining since mid-December, dropping from a high of $31 to about $18 this week. Despite the fall, there is still significant buying interest and market activity, keeping its price within a potential buying range. In the last 24 hours, its market capitalization has also grown by 11.15%, hitting $16.5 billion.
Bulls Face Heavy Liquidation
The cryptocurrency market is seeing a bullish rally as Trump prepares to be inaugurated today, sparking significant buying interest in altcoins.
In the last 24 hours, Chainlink (LINK) has seen a high level of trading activity. According to Coinglass, about $8.18 million worth of LINK trades were liquidated, with $6.3 million resulting from buyers closing their long positions.
Following this price increase, there’s also been a rise in interest in trading Chainlink. The open interest, which represents the total number of unsettled derivative contracts, has climbed to $1.14 billion, signaling a boost in demand.
Furthermore, the long/short ratio, indicating the balance between buyers and sellers, has risen above 1. This shows that most traders are now betting on the price of LINK to increase. Currently, 51.3% of traders expect the price to rise soon.
Chainlink Price Prediction: Technical Analysis
The price of Chainlink is currently maintaining a position above the resistance line on its chart, indicating strong buyer confidence. Although it’s attempting to stay above $26, sellers are actively resisting any significant price increases. Right now, Chainlink’s price is at $26.4, having climbed over 13.7% in the last 24 hours.
The LINK/USDT trading pair is close to $26 and could potentially rise above the immediate Fibonacci channels. With the Relative Strength Index (RSI) still in the buying zone at level 64, there’s a chance Chainlink’s price could rise above $30. If it manages to hold above $30, this could be advantageous for buyers, possibly driving the price as high as $36.
On the other hand, 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 $30. If the price moves above that level, we might see a trade around $36. On the downside, $22 is the range.
Long-term: According to Coincodex’s latest Chainlink price prediction, the price of Chainlink is expected to increase by 44.59%, reaching $36.12 by February 19, 2025. Coincodex’s technical indicators reflect a Bullish sentiment, while the Fear & Greed Index shows a reading of 76, indicating Extreme Greed. Over the past 30 days, Chainlink has experienced 16 green days, which is approximately 53% of the time, with a price volatility of 7.31%. Based on this forecast, Coincodex suggests that it is currently a favorable time to purchase Chainlink.
How much is the LINK price today?
LINK price is trading at $26.4 at the time of writing. The LINK price has increased by over 14% in the last 24 hours.
What is the Chainlink price prediction for January 20?
Throughout the day, the LINK price might continue to hover below $30. If the price moves above that level, we might see a trade around $36. On the downside, $22 is the range.
Is LINK a Good Buy Now?
According to long-term forecasts, the Chainlink price might reach $36.12 by February 19. 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.
