Over the past 24 hours, the price of Chainlink (LINK) made a solid decline as it dropped below the crucial level of $12. Currently, bears are aiming for further drops below the Fib levels. The fear/greed index has dropped, now showing an extreme fear sentiment at level 15. Meanwhile, Chainlink’s trading volume has dropped by 46.5% in the last 24 hours, reaching $818 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 dropped by 9.3%, hitting $8.12 billion.
LINK’s Price Faces Over $5.7 Million in Liquidation
The cryptocurrency market is experiencing a downturn as traders evaluate the effects of trade tensions on the global economy and the implications of President Donald Trump’s directive on Bitcoin reserves. Despite Trump issuing an Executive Order to form the Strategic Bitcoin Reserve, which also allows for the creation of a digital asset stockpile, the market responded negatively.
This reaction is largely due to the fact that the Executive Order does not allocate any immediate funding for Bitcoin acquisitions. Instead, it instructs the Secretaries of Treasury and Commerce to devise strategies for obtaining more Bitcoin in a way that does not impact the budget, specifically avoiding the use of taxpayer money for direct purchases. This approach has seemingly disappointed investors.
The cryptocurrency market continues to be under strong bearish influence as LINK price struggles amid selling pressure. As a result, the price dropped below the crucial level of $12, triggering significant long liquidation.
In the last 24 hours, Chainlink has seen a significant amount of long position liquidations. According to Coinglass, about $5.77 million in LINK trades occurred, with long liquidations accounting for $5.3 million of this volume.
Amidst this bearish pressure, interest in Chainlink trading has dropped. Open interest, which tracks the total number of outstanding trading contracts, has dropped to $401 million, reflecting a 4.08% decrease in just 24 hours.
Chainlink Price Prediction: Technical Analysis
Chainlink’s price continues to be under intense bearish pressure as it recently dropped below the $12 level. As buyers failed to defend the decline, LINK price is now aiming for a drop below immediate Fib channels. As of writing, Chainlink’s price stands at $12.76, having dropped by 8.92% in the last 24 hours.
The LINK/USDT trading pair is facing multiple rejections as sellers defend an immediate surge ahead. With the Relative Strength Index (RSI) hovering below the midline at level 41, there is a possibility that Chainlink’s price could drop and retest $11.7.
If it sustains above this level, it could benefit buyers and potentially push the price for $14.46. A surge above that level might send the price toward $17.6. On the other hand, if the LINK price drops below $11.7, we might see a strong correction.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might continue to decline. If the price maintains its current momentum, we might see a retest of $11.7. On the upside, $14.46 is the range.
Long-term: According to Coincodex’s current Chainlink price prediction, the price of Chainlink is expected to increase by 7.22% and reach $13.49 by April 10, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, while the Fear & Greed Index indicates a level of 24, representing extreme fear. Over the past 30 days, Chainlink has experienced 12 out of 30 green days and exhibited 10.44% price volatility. Based on this forecast, it is currently not advisable to purchase Chainlink.
How much is the LINK price today?
LINK price is trading at $12.76 at the time of writing. The LINK price has dropped by over 8.92% in the last 24 hours.
What is the Chainlink price prediction for March 11?
Throughout the day, the LINK price might continue to decline. If the price maintains its current momentum, we might see a retest of $11.7. On the upside, $14.46 is the range.
Is LINK a Good Buy Now?
According to long-term forecasts, the Chainlink price might reach $13.49 by April 10. This makes LINK price a bad 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.
