LINK Price Prediction: Can LINK Overcome $47 Resistance?

• LINK drops 1.65% in 24 hours, but trading volume rises 6.6%, showing increased market interest.
• A 1.24% weekly decline and rising volume indicate possible consolidation or upcoming price shifts.
• RSI at 43.47 and MACD at -0.375 suggest continued downward pressure, with traders closely monitoring LINK.

Chainlink (LINK) is currently trading at $21.45, falling by 1.65% over the last 24 hours. The trading volume increased by 6.6% and currently stands at $714.28 million. Such a gain in volume is an indication of great interest in the market, and therefore, this implies that its investors are forming an active interest in LINK even as its price keeps fluctuating.

Source: CoinMarketCap

However, LINK has experienced a small downward trend of 1.24% over the past week. While this decrease may seem minor, the rise in trading volume indicates that there remains a level of activity in the market among traders. The large volume shows that LINK could be in a period of consolidation, and the price could move either way. 

LINK Faces Bearish Risk If Price Falls Below $17.58

Man of Bitcoin, a crypto analyst, highlighted that the price has responded to the 100% Fibonacci extension level. Cryptocurrency has drawn three upward waves off its lows, and its fourth upward wave remains open. When the price falls below $17.58, there is a possibility of a bearish trend that would further cause a fall in price. 

Source: X

Another analyst, Ali Martinez, mentioned that assuming LINK manages to protect its price of $20, it will rise to a price of up to $47. This would be contingent on the coin being above the support level. Should the token manage to protect this level, a substantial price surge may ensue, giving traders a chance to make a profit.

Source: X

Also Read: LINK & Swift: Is It a Breakthrough Game-Changer in 2025?

LINK Volume Up, Open Interest Down

CoinGlass data shows that the trading volume is up 5.84% to $1.46 billion. But open interest went down by 3.39%, standing at $1.27 billion. These values indicate that there might be a divided atmosphere in the market; volume is increased, and open interest is dropping. The OI funding rate stands neutral at 0.0013%.

Source: CoinGlass

RSI and MACD Indicate Downward Pressure

The Relative Strength Index (RSI) value is 43.47, lower than the neutral position of 50. This indicates that the token is neither being oversold nor overbought. The Moving Average Convergence Divergence (MACD) has a negative trend of -0.375. Such a negative reading indicates that there is continual downward pressure on the price of the token in the short term.

Source: TradingView

With cryptocurrency exhibiting volatility, traders are monitoring any signs of convergence or additional losses. The following days will play a crucial role in defining the next move of the coin.

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