Chainlink Price Prediction for March 21

Over the past 24 hours, the price of Chainlink (LINK) attempted to surge above the $15 mark but failed. The LINK price is currently consolidating around the descending resistance line. The fear/greed index has dropped, now showing a fear sentiment at level 27. Meanwhile, Chainlink’s trading volume has dropped by 49% in the last 24 hours, reaching $275 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 declined by 3.61%, hitting $9.27 billion.

LINK’s Struggles Despite Positive Developments

Chainlink price continues to struggle despite robust developments. Chainlink has launched Multistream, an advanced update to its Data Streams, which greatly improves the scalability and speed of its oracles. This enhancement allows the decentralized oracle network (DON) to handle thousands of unique data streams every second, achieving a thousandfold increase in throughput.

Additionally, the upgrade streamlines the process for deploying new data streams, making their activation quicker and more efficient. Multistream enhances the functionality of Data Streams for DeFi protocols by allowing developers to combine various data types into a single request and access them on-chain more swiftly and flexibly.

In the last 24 hours, Chainlink has seen significant trading activity. According to Coinglass, about $680K in LINK trades occurred, with long liquidations accounting for $622K of this volume. On the other hand, sellers liquidated around $58K worth of positions.

Amidst this bearish pressure, interest in Chainlink trading has dropped. Open interest, which tracks the total number of outstanding trading contracts, has declined to $471 million, reflecting a 7.3% drop in the last 24 hours.

Chainlink Price Prediction: Technical Analysis

Chainlink is encountering resistance in its efforts to break above the $15 level. Consequently, sellers are consolidating the price near the descending resistance line. Currently, the price of Chainlink is at $14.10, reflecting a 3.6% decrease over the last 24 hours. 

For the LINK/USDT trading pair, continuous resistance from sellers is limiting significant price increases. Nonetheless, with the Relative Strength Index (RSI) at 51, slightly above the midpoint, there is potential for Chainlink to push forward and challenge its descending resistance line.

If Chainlink successfully surpasses the critical $15 resistance, its price could rise to $18.12, with the potential to extend up to $22 if the bullish momentum persists. On the other hand, a drop below the $11.7 mark could lead to a substantial decline in Chainlink’s market value.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to surge toward $15. If the price surges above $15, we might see $18.12. On the downside, $11.71 is the range.   

Long-term: According to Coincodex’s latest Chainlink price prediction, the price of Chainlink is expected to increase by 24.09% and reach $17.66 by April 20, 2025. Coincodex’s technical indicators suggest that the current sentiment is Bearish, while the Fear & Greed Index indicates a level of 31, which signifies Fear. Over the past 30 days, Chainlink has seen 14 out of 30 green days, with a price volatility of 10.42%. Based on this forecast, it is currently considered an unfavorable 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.