Market Overview for Chainlink/Tether (LINKUSDT) – 24-Hour Period Ending 2025-11-02 12:00 ET

• Chainlink/Tether (LINKUSDT) ended the 24-hour period with a bullish reversal, closing higher after a sharp pullback to 17.04.
• Momentum indicators signal a potential recovery after an oversold RSI condition below 25.
• Volatility expanded significantly in the morning session, with volume surging on the final push to 17.58.
• Key resistance appears at 17.58–17.64, while 17.15–17.21 offers short-term support.
• Price remains within a 17.04–17.64 range, indicating a consolidation phase ahead of potential breakout.

Chainlink/Tether (LINKUSDT) opened the 24-hour period on 2025-11-01 at 17.18, reached an intraday high of 17.58, touched a low of 17.04, and closed at 17.58 at 12:00 ET. Total volume for the period was 1,107,011.29, and notional turnover amounted to $19,344,165.25. The price action unfolded in a sharp V-shaped recovery, with a late-session rally confirming buyers stepping in after a morning selloff.

Structure & Formations

Price action formed a bullish engulfing pattern as it rebounded from 17.04–17.13 into the morning hours, followed by a strong reversal into the afternoon. A key resistance level appears to be forming at 17.58–17.64, with a potential continuation of the recovery into that area. The 17.15–17.21 range emerged as a key support zone, confirmed by a consolidation phase during the overnight hours. A bullish morning star pattern also formed near 17.16, suggesting a potential short-covering rally.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed to the upside during the afternoon, confirming a shift in momentum. The 50-period moving average is currently at 17.44, with the 20-period at 17.51, supporting the bullish bias. On the daily chart, the 50-period MA is at 17.38, the 100-period at 17.25, and the 200-period at 17.17, indicating the price is now above all major long-term averages for the first time in several days.

MACD & RSI

The RSI reached an oversold level of 23 during the morning selloff, rebounding strongly into overbought territory (75–80) during the afternoon and early evening. This suggests a strong short-term momentum shift. The MACD crossed above the signal line during the early morning and remained in positive territory through the 24-hour period, confirming a bullish trend. However, the overbought condition raises caution about a potential pullback in the near term.

Bollinger Bands

Volatility expanded significantly during the morning session, as the Bollinger Bands widened from a contraction phase. Price tested the upper band at 17.58–17.64 and closed at the top end of the band, indicating strong buying pressure. The 20-period Bollinger Band width was at 0.14 in the final hour of the period, signaling heightened market attention and possible continuation of the current trend or a reversal.

Volume & Turnover

Volume surged in the morning hours as price hit the 17.04 low, with a massive spike in notional turnover as buyers entered during the afternoon rally. The highest volume candle (140,432.11 units) occurred at 17.34, confirming strong accumulation. However, volume declined during the final hours, suggesting the rally may be running out of steam. A divergence between price and volume is observed as price hit 17.58, with lower volume than the earlier surge, warranting caution.

Fibonacci Retracements

Applying Fibonacci to the 17.04–17.58 swing, the 61.8% retracement level aligns with 17.37–17.41, which was tested and held during the afternoon and evening. The 50% level (17.31) also acted as support. On the daily chart, the 38.2% retracement of the recent monthly swing is at 17.43, currently being tested as a potential consolidation target.

Backtest Hypothesis

The recent price action aligns with a potential backtesting strategy using the RSI indicator. The 14-day RSI reached a strong oversold condition, followed by a sharp reversal, suggesting a sell-low, buy-high approach could have been effective in this 24-hour period. A buy signal may have been triggered as RSI crossed above 30 during the morning selloff, with an exit signal potentially activated as the indicator crossed back below 70. This pattern highlights the utility of the RSI for short-term trend-following or mean-reversion strategies in high-volatility environments like LINKUSDT.

Looking ahead, buyers will need to push above 17.58–17.64 to confirm a breakout, while a retest of 17.37–17.41 could see further consolidation. A reversal below 17.15–17.21 would raise concerns about a deeper pullback, though the overall trend remains positive. Investors should remain cautious of overbought conditions and potential profit-taking near resistance levels.