Chainlink Price Prediction for March 13

Over the past 24 hours, the price of Chainlink (LINK) has been facing bearish pressure around $14. As a result, the price is currently consolidating within a bearish zone; however, buyers aim for a hold above $13. The fear/greed index has dropped, now showing an extreme fear sentiment at level 21. Meanwhile, Chainlink’s trading volume has dropped by 23.87% in the last 24 hours, reaching $535 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 1.25%, hitting $8.4 billion.

LINK’s Large Transaction Metric Declines

Chainlink has experienced a decrease in its large transaction metric amid growing bearish pressures. According to IntoTheBlock data, the number of large transactions has fallen from a high of 443 to 216, indicating reduced interest from major traders in buying or selling LINK. This decrease in activity from large-scale investors could continue to pose challenges for LINK in overcoming its current price consolidation.

Over the last 24 hours, the LINK price has been attempting to surge above the immediate resistance line of $14. However, it faces strong bearish domination around that level.

In the last 24 hours, Chainlink has seen a significant amount of liquidation from both buyers and sellers. According to Coinglass, about $700K in LINK trades occurred, with long liquidations accounting for $454K of this volume. On the other hand, sellers liquidated around $246K 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 $431.7 million, reflecting a 0.29% decrease in the last 24 hours.

Chainlink Price Prediction: Technical Analysis

Chainlink is currently facing slight downward pressure and is struggling to break above the $14 level. Despite efforts by buyers to reverse the downtrend, LINK’s price is trending towards consolidation, although it remains above $13. As of now, Chainlink is trading at $13.11, marking a 0.8% increase over the last 24 hours.

Trading dynamics for the LINK/USDT pair indicate persistent seller resistance, preventing any immediate upward movements in price. With the Relative Strength Index (RSI) hovering below the midpoint at 41, there’s potential for further declines, possibly retesting the $11.7 level.

If Chainlink manages to stabilize above this point, there could be a recovery towards $14.7, and potentially up to $17.6 if the momentum is sustained. On the other hand, dropping below $11.7 might lead to a significant market correction for Chainlink.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to decline. If the price maintains its current consolidation, we might see a retest of $11.7. On the upside, $14.7 is the range.   

Long-term: According to the latest Chainlink price prediction by Coincodex, Chainlink’s price is expected to increase by 9.90%, reaching $14.60 by April 12, 2025. Technical indicators from Coincodex suggest that the current market sentiment is bearish, with the Fear & Greed Index indicating a level of 45, categorized as ‘Fear’. Over the past 30 days, Chainlink has seen 13 out of 30 days in the green, experiencing a price volatility of 11.78%. Based on these forecasts, it is currently considered an unfavorable time to buy 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.