Market Overview for Chainlink/Tether (LINKUSDT) on 2025-09-16

• Chainlink/Tether (LINKUSDT) traded in a tight range before breaking out above key resistance around $23.40, with volume surging in the final hours.
• A bullish engulfing pattern formed on the 15-minute chart around $23.68, confirming a reversal after a bearish correction from earlier highs.
• Volatility expanded in the last 6 hours, with Bollinger Bands widening and RSI rising into overbought territory (>70).
• Turnover spiked significantly during the $23.60–23.83 rally, confirming strong demand but also raising short-term correction risk.
• Fibonacci retracements indicate $23.57 (61.8%) and $23.43 (38.2%) as critical levels for near-term support.

Chainlink/Tether (LINKUSDT) opened at $23.14 on 2025-09-15 12:00 ET and closed at $23.62 on 2025-09-16 12:00 ET, with a high of $23.83 and a low of $22.99. Total volume for the 24-hour period was 1,113,446.79 and total notional turnover was $26,277,620.97.

Structure & Formations

LINKUSDT formed a bullish engulfing candle at $23.68 after a brief pullback from the high of $23.83, indicating a possible continuation of the bullish trend. Earlier in the session, a bearish divergence appeared in the RSI and price action as the pair corrected from the intraday high, but volume remained healthy, suggesting strong buying at lower levels. The price found support near $23.20–23.30, a prior consolidation zone, before resuming higher. The $23.40 level acted as a strong barrier, and a breakout above it confirmed momentum favoring the bulls.

Moving Averages and MACD

The 15-minute chart showed the 20-period and 50-period moving averages converging around $23.48, supporting a short-term bullish bias. The MACD crossed above the signal line around $23.65, indicating renewed momentum. On the daily chart, the 200-period MA was around $23.10, with the price firmly above it, suggesting a longer-term bullish trend. The RSI peaked near 75, signaling overbought conditions and potential for a pullback or consolidation in the near term.

Bollinger Bands and Volatility

Volatility increased significantly in the last 6 hours, with Bollinger Bands expanding from a narrow range of ±$0.05 to ±$0.17. The price traded near the upper band during the breakout above $23.68, a sign of strong bullish momentum. A pullback into the middle band would signal a temporary pause, but so long as the lower band remains untouched, the trend remains intact. The standard deviation rose to 0.10, indicating increased uncertainty and the potential for a choppy session ahead.

Volume & Turnover Dynamics

Volume spiked sharply in the last 3 hours, particularly between $23.60 and $23.83, confirming the strength of the breakout. Notional turnover also surged during this period, with $5.7 million traded in the $23.60–23.83 range. A divergence between volume and price was observed during the earlier $23.30–23.50 consolidation phase, where volume was relatively low despite sideways movement—suggesting a potential breakout in either direction. The most recent volume spike aligns with the price action and supports a continuation of the bullish trend.

Fibonacci Retracements

Applying Fibonacci levels to the $22.99–23.83 swing, key support levels include $23.57 (61.8%) and $23.43 (38.2%). Resistance levels include $23.68 (23.6%) and $23.81 (38.2%), where the price stalled earlier. A retest of $23.57 could trigger a bounce, while a failure to hold that level could bring in $23.43 into play. On the 15-minute chart, the $23.68–23.75 range represents an immediate zone of interest.

Backtest Hypothesis

A potential backtesting strategy could focus on entries following bullish engulfing patterns that form after a 15-minute bearish pullback, confirmed by a MACD crossover above the signal line and volume surging above 50,000 units. Stops could be placed below the low of the engulfing candle, while take-profit targets align with the 61.8% Fibonacci extension or the Bollinger Band upper band. Given the recent overbought RSI and high volatility, a trailing stop could be used to lock in gains during a continuation phase. This strategy would be best applied in a trending environment where volume and momentum align with price direction.