Top Reasons Why Chainlink Price Is Pumping!

Chainlink has outperformed major Altcoins and turned out to be the week’s top gainer, further crossing the $11 mark for the first time in almost two years. But why is Chainlink Price pumping?

The crypto industry has displayed a significant price movement in its valuation during the last week as cryptocurrencies have experienced a massive jump in value, with Bitcoin price crossing the $30,000 mark for the first time in over two months.

The coin is assumed to surge significantly due to its improved staking abilities and increased network strength, such as its smart contract expandability, data feed, and DeFi dominance. The Chainlink v0.2 offers increased crypto-economic security, allowing users to operate with greater flexibility.

The coin was seen trading in a closed range between $7.194 and $7.786 since the start of the month. The LINK price made multiple attempts to break out of the resistance level but failed as the bears overpowered the bulls.

After that, the coin lost momentum and started testing to break down the trend, but the bulls held the price above the crucial support zone, making the coin trade sideways.

Chainlink’s price displayed massive price action during the last week, resulting in the price surging over 12% within the past day and indicating a bullpower in the market. Further, the price has surged over 42% within a week, making the price the best performer of the week. The LINK price has recorded a yearly high of $ 11.037 after the recent price jump.

Further, the price was rejected at the $11 mark, after which the price experienced a minor drop and prepared itself to retest the level but was rejected again, forming resistance at that level. The next major resistance level of Chainlink price is set at $18.219.

The MACD displays a significant jump in its histogram, indicating a massive ongoing price action for the Chainlink coin. Further, the chart shows a rising histogram, suggesting the price will continue gaining value in the coming days.

Will LINK Price Continue To Rise?

If the bulls hold power and push the price above the $11 mark, the LINK price will regain momentum, continue gaining value, and test its upper resistance of $12.2 soon. Further, if the bulls continue to dominate the market, the price will continue to rise and try its high of March 2022 of $13.5 this year.

Conversely, if the bears overpower the bulls and a trend reversal occurs, the Chainlink price will experience a price plunge and will fall to test its support level at $9.752. Moreover, if the bulls fail to hold the price at that level, the price will continue to dip and test its lower support level of $9.019 in the coming days.