$LINK Price Action: Coiled Under Green Line at $12.50

Chainlink's short-term price action has been somewhat stagnant, as it coiled under the green line. A daily close above $12.50 is what makes this trader a full Chainlink bull, not just a wick.

The 4-hour support level for Chainlink is at $11.47, which is also the 50 Simple Moving Average (SMA). Losing that would likely mean this coil is just another tag, according to the source.

Chainlink has already wicked through $12.50 once in its daily price action and failed to hold above it. This resistance level remains a crucial milestone for Chainlink's short-term prospects.