Chainlink Price Prediction for February 8

Over the past 24 hours, the price of Chainlink (LINK) has been trying to stay above $18 but faced some difficulties. As a result, bears are strongly dominating the price chart now, aiming to push the price toward new support levels. It’s currently around the same price levels it was in early January. The fear/greed index has decreased, now showing a fear sentiment at level 35. Meanwhile, Chainlink’s trading volume has surged by 11.2% in the last 24 hours, reaching $582.59 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. This crash has put Chainlink price under an intense bearish zone, making it harder for bulls to initiate a recovery rally. In the last 24 hours, its market capitalization has dropped by 2%, hitting $11.57 billion.

LINK’s Struggle Continues Despite Positive Funding Rate

The cryptocurrency market is starting to recover from a big drop, but the price of LINK isn’t going up because there’s still a lot of selling happening, which is keeping the price stable. In the last day, there was a lot of trading activity in Chainlink (LINK), with about $1.8 million in trades being wiped out. Most of this, around $1.46 million, was because traders who thought the price would go up decided to sell their positions.

At the same time, fewer people are interested in trading Chainlink now. The total of all open trading contracts, or open interest, has fallen to $546 million, down by nearly 4% in one day. Additionally, the ratio of people buying to selling has also dropped to 0.8149, showing that more traders think the price of LINK will fall soon — currently, about 55.1% of traders believe the price will go down.

Despite these negative signs, the funding rate is still slightly positive at 0.0068%, indicating there’s still a chance for the price to bounce back from its current low point.

Chainlink Price Prediction: Technical Analysis

The price of Chainlink is struggling to surge above the immediate resistance of $20. As a result, the price continues to consolidate around $18 as sellers are actively resisting any significant price increases. Right now, Chainlink’s price is at $18.08, having dropped over 3.2% in the last 24 hours.

The LINK/USDT trading pair is hovering around and could potentially drop below the immediate Fibonacci channels. With the Relative Strength Index (RSI) heading toward the selling zone, there’s a chance Chainlink’s price could retest $15. If it manages to hold above $15, this could be advantageous for buyers, possibly driving the price toward $18-20.

On the other hand, if the price holds below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, sellers might push it down towards the $12.5 range.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to hover around $18. If the price moves above that level, we might see a trade around $20. On the downside, $15 is the range.   

Long-term: According to Coincodex’s current Chainlink price prediction, the price of Chainlink is expected to increase by 18.52% and reach $21.59 by March 10, 2025. Coincodex’s technical indicators suggest that the current sentiment is bearish, while the Fear & Greed Index indicates a level of 44, which falls under “Fear.” Over the past 30 days, Chainlink has seen 14 out of 30 days in the green, reflecting a price volatility of 10.77%. Based on the forecast from Coincodex, it is currently not a good 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.