Market Overview for Chainlink/Tether (LINKUSDT) on 2025-09-20

• Price action shows bearish momentum with a 24-hour low of $23.13.
• Volatility increased, with Bollinger Bands expanding and price near lower band.
• Key support at $23.20–$23.30 tested multiple times; resistance appears near $23.55–$23.60.
• MACD and RSI signal oversold conditions, hinting at potential reversal.
• Volume spiked during sell-offs, suggesting accumulation by savvy buyers.

Chainlink/Tether (LINKUSDT) opened at $23.57 on 2025-09-19 at 12:00 ET and closed at $23.42 on 2025-09-20 at 12:00 ET, with a high of $23.66 and a low of $23.13. Total 24-hour volume was 1,105,437.79 LINK, and total notional turnover was approximately $26,184,573.

Structure & Formations

Price action over the last 24 hours suggests bearish sentiment, with multiple attempts to break above $23.55 failing. Key support levels at $23.20–$23.30 were tested several times, while resistance remains at $23.55–$23.60. Notable bearish candlestick patterns include a dark cloud cover and a hanging man near $23.40–$23.45, indicating potential reversal. A doji appears near $23.45, signaling indecision and a possible shift in momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trend downward, with price currently below both. On the daily chart, the 50-, 100-, and 200-period moving averages all trend lower, with price still below the 100- and 200-period lines. This alignment suggests a strong bearish bias, though a reversal is possible if price closes above the 20-period MA.

MACD & RSI

The MACD line crossed below the signal line in the morning, confirming the bearish bias. RSI dropped to oversold territory in the afternoon (below 30), suggesting a potential bounce. However, RSI has yet to show a strong reversal signal, with the histogram still negative. Momentum appears to be weakening at key support levels, but a rebound could be imminent.

Bollinger Bands

Volatility expanded significantly in the late morning and early afternoon, with Bollinger Bands widening. Price spent a large portion of the 24-hour period near the lower band, indicating oversold conditions. A reversal from the lower band may be in play, especially if volume increases with the upward bounce. The recent contraction in volatility could be followed by a breakout, either to the upside or downside.

Volume & Turnover

Volume spiked during sell-offs in the early morning and late afternoon, particularly during the move from $23.55 to $23.20. Notional turnover followed a similar trend, with a high of ~$1.3M per 15 minutes in the late morning. There is a divergence between price and volume in the early evening, as volume decreased despite continued downward movement. This could signal a potential exhaustion of bearish momentum and a setup for a reversal.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $23.13 to $23.66 shows key retracement levels at $23.42 (61.8%) and $23.50 (50%). Price has bounced off the 61.8% level multiple times, suggesting strong support. For the daily chart, the 38.2% retracement level is near $23.50, and the 61.8% level is at $23.35. Price has tested both levels, and a break below $23.20 could target the next key Fibonacci level at $23.13.

Backtest Hypothesis

A possible backtesting strategy for this market environment could involve entering long positions on a confirmed bounce from the 61.8% Fibonacci retracement at $23.42, with a stop-loss below $23.35. Traders might also look to sell into strength as price approaches $23.55–$23.60, with tight trailing stops placed just below key support levels. The RSI hitting oversold levels and Bollinger Bands at the lower band can serve as confirmation for these entries. The strategy would focus on volatility and momentum divergence as signals for position entries and exits.