Chainlink Price Prediction for January 29

Over the past 24 hours, Chainlink (LINK) has struggled to maintain its price above $24. Despite these challenges, buyers remain bullish as the price of LINK appears poised for further gains. Currently, it hovers around the same price levels seen in early January. The fear/greed index has declined, now indicating a neutral sentiment at level 50. However, Chainlink’s trading volume has seen a significant decline, dropping by 31.6% in the last 24 hours to $557 million.

In a broader view, LINK’s price has been on a downward trend since mid-December, decreasing from a high of $31 to approximately $18 weeks ago. Despite this decrease, there remains substantial buying interest and market activity, suggesting that its current price is within a potential buying range. However, over the last 24 hours, its market capitalization has declined by 2.65%, reaching $14.92 billion.

LINK Faces Increased Long Liquidation

The cryptocurrency market is on an upswing after President Trump signed a few executive orders favoring the market. This led to a lot of buying activity and a significant increase in total liquidations. In the last 24 hours, there has been a surge in trading activity for Chainlink (LINK).

According to Coinglass, around $1.68 million worth of LINK trades were liquidated. Of this, $1.54 million came from buyers who closed their long positions, while sellers liquidated about $139,000 worth of positions.

Lately, interest in trading Chainlink has decreased. The open interest, which measures the total number of outstanding derivative contracts, has dropped to $959 million, showing a 4.1% decrease in demand.

Moreover, the long/short ratio, which reflects the balance between buyers and sellers, has dropped below 1. This suggests that most traders are now expecting a decrease in LINK prices, with 52% of traders predicting a decline soon.

Chainlink Price Prediction: Technical Analysis

The LINK price has been facing multiple rejections around the $25. Right now, Chainlink’s price is at $23.4, having dropped over 4% in the last 24 hours.

The LINK/USDT trading pair is close to $25 and it might struggle to rise above the immediate Fibonacci channels. With the Relative Strength Index (RSI) still in the buying zone at level 44, there’s a chance Chainlink’s price could rise above $27. 

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 $22 range.

LINK Price Prediction: What to Expect Next?

According to BlockchainReporter, LINK price might continue to hover below $25. On the downside, $22 is the range.