Chainlink Price Prediction for March 29

Over the past 24 hours, the price of Chainlink (LINK) has been facing a strong selling pressure as it triggered a sharp decline below $14. Sellers have taken control, aiming for a hold below immediate Fib levels. The fear/greed index has surged, now showing a fear sentiment at level 31. Meanwhile, Chainlink’s trading volume has dropped by 27.2% in the last 24 hours, reaching $298 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 minor buying volatility as it aims for a hold above $15. In the last 24 hours, its market capitalization has dropped by 5%, hitting $8.96 billion.

LINK Struggles in Gaining Buying Demand  

The price of LINK is facing significant selling pressure, leading to a sharp drop below the crucial $14 mark. Over the past 24 hours, increased selling activity has weighed heavily on Chainlink’s price momentum.

Data from Coinglass reveals that around $1.21 million in LINK positions were liquidated, with the majority ($1.17 million) being long positions, compared to just $44,000 worth of short liquidations. This imbalance highlights sellers’ dominance in the current market conditions. 

Alongside the selling pressure, overall trading interest in Chainlink has weakened. Open interest—the indicator measuring outstanding trading contracts—fell to $481 million, representing a 5.5% decline in the last 24 hours. Despite this bearish sentiment, the funding rate remains positive at 0.0069%, hinting that a bullish reversal may still be possible.

Chainlink Price Prediction: Technical Analysis

Chainlink (LINK) has experienced a sharp decline after failing to sustain its position above the crucial $14 resistance level. This breakdown intensified selling pressure, pushing LINK below the key 23.6% Fibonacci retracement level. Currently trading at around $13.6, the price has dropped more than 5.2% over the past 24 hours.

The sellers remain determined to maintain control, actively holding LINK beneath this significant Fibonacci level. Supporting the bearish outlook, the Relative Strength Index (RSI) is currently positioned in bearish territory at 31, signaling potential for additional downward momentum.

On the upside, if Chainlink can reclaim bullish strength by maintaining support above its ascending trend line, it might attempt to retest higher resistance at $18.12. Continued buying interest above this level could propel LINK toward the next major hurdle around $22.

However, should LINK fail to recover above its ascending support, bearish momentum may escalate, potentially pushing the price down toward the rising support line at approximately $11.7. A breach below this level could trigger deeper losses, driving LINK into a strongly bearish zone.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to decline. If the price holds below $15, we might see $11.7. On the upside, $18.12 is the range.   

Long-term: According to Coincodex’s current Chainlink price prediction, the price of LINK is expected to rise by 23.27%, potentially reaching $17.46 by April 28, 2025. Coincodex’s technical indicators currently reflect a bearish sentiment, accompanied by a Fear & Greed Index reading of 26, signaling “Fear” among investors. Over the past 30 days, Chainlink has experienced 16 green days (53%) with price volatility at approximately 6.87%. Given these factors, Coincodex suggests it is currently not a favorable 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.