LINK Up 25 Percent In One Week! What’s the Cause of Ascension?

Although the fire in the crypto market has been extinguished in the past weeks, most cryptocurrencies, especially Bitcoin, do not move up.

Most altcoin Chainlink’s native token while unable to recoup its losses LINKgaining 25% in value in one week, attracted the attention of investors.

In this article, we will examine the support-resistance levels on the LINK chart and why it has been on the agenda recently.

LINK Tracks Flat in the Medium Term

This level served as an important support for LINK, which fell to $5.53 with the panic in the crypto market last May. Then, the more consistent price action of the cryptocurrency, which was traded in the $5.53-9.45 range for the past 6 months, especially pleased investors who traded in the gap.

In LINK, which once again tested the bottom level at the beginning of last week, the critical support could not be broken and the upward movement came again.

When we look at the shorter-term 4-hour chart for LINK, we see that an intermediate resistance is being tested.

LINK seems to have been rejected at $7.35 for now. If this level cannot be crossed permanently, the downside interim support level is crossed at $6.63.

Why is LINK Rising?

Chainlink investors are looking forward to December 6, 2022, the start date of beta testing of the new staking feature.

David Gokhshtein, well-known in the crypto community, shared his belief on Twitter that the demand for LINK will increase as staking becomes easier.

$LINK is definitely being overlooked. With everything that’s happened and with the new “Proof of Reserves” being pushed out there, ChainLink will be used to push that data out there.

— David Gokhshtein (@davidgokhshtein) November 26, 2022

$LINK is currently trading at $7.31.