Over the past 24 hours, the price of Chainlink (LINK) made a solid decline as it dropped below the crucial level of $14. Currently, bears are aiming for further drops below the Fib levels. The fear/greed index has dropped, now showing a fear sentiment at level 24. Meanwhile, Chainlink’s trading volume has dropped by 11.92% in the last 24 hours, reaching $822 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 surged by 5.6%, hitting $10.73 billion.
LINK’s Price Faces Over $4 Million in Liquidation
According to The Kobeissi Letter, the S&P 500 lost $1.5 trillion in value between 10:00 AM and 3:30 PM Eastern Time. This drop started before Trump announced an investment. The announcement highlighted a $100 billion investment from a Taiwanese semiconductor company in the U.S., expected to boost the economy by hundreds of billions of dollars.
Additionally, President Trump has confirmed that starting today, March 4th, the U.S. will impose 25% tariffs on Canada and Mexico, contrary to market hopes for a delay.
Compounding these worries, the White House soon after announced that President Trump has signed an Executive Order to increase tariffs on China by 20%. This is a 20% hike in tariffs on China in just the last two months.
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 $14, triggering significant long liquidation.
In the last 24 hours, Chainlink has seen a significant amount of long position liquidations. According to Coinglass, about $4.36 million in LINK trades occurred, with long liquidations accounting for $4.1 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 $421 million, reflecting a 14.62% 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 $14 level. As buyers failed to defend the decline, LINK price is now aiming for a decline below immediate Fib channels. As of writing, Chainlink’s price stands at $13.83, having dropped by 15.52% 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 31, there is a possibility that Chainlink’s price could drop and retest $13.5. If it sustains above this level, it could benefit buyers and potentially push the price for $15.23. A surge above that level might send the price toward $17.62.
On the other hand, if the LINK price drops below $13.5, 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 $13.5. On the upside, $15.23 is the range.
Long-term: According to Coincodex’s Chainlink price prediction, the price of Chainlink is expected to increase by 4.61% and reach $14.48 by April 3, 2025. Their technical indicators suggest a bearish current sentiment and the Fear & Greed Index indicates extreme fear at a level of 15. Over the past 30 days, Chainlink has had 11 out of 30 (37%) green days and experienced 10.09% price volatility. Based on the forecast from Coincodex, it is currently not a good time to buy Chainlink.
How much is the LINK price today?
LINK price is trading at $13.83 at the time of writing. The LINK price has dropped by over 15.52% in the last 24 hours.
What is the Chainlink price prediction for March 4?
Throughout the day, the LINK price might continue to decline. If the price maintains its current momentum, we might see a retest of $13.5. On the upside, $15.23 is the range.
Is LINK a Good Buy Now?
According to long-term forecasts, the Chainlink price might reach $14.48 by April 3. 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.
