Market Overview for Chainlink/Tether (LINKUSDT) as of 2025-09-21 12:00 ET

• Price action on Chainlink/Tether showed a bearish bias, with a key support level forming near $23.12–$23.15.
• RSI and MACD confirmed weakening momentum, with RSI nearing oversold territory and MACD signaling bearish divergence.
• Volatility expanded during the 24-hour period, with Bollinger Bands widening and price staying below the 20-period moving average.
• Volume surged in the latter half of the 24-hour window, confirming bearish continuation patterns.
• Fibonacci retracements highlighted a potential short-term bounce near $23.23 before resuming the downward trend.

Chainlink/Tether (LINKUSDT) opened at $23.42 at 12:00 ET-1, reaching a high of $23.49 before closing at $23.11 at 12:00 ET today. Total volume for the 24-hour period was approximately 802,766.67, with a notional turnover of $18.58 million. The price action exhibited a clear bearish bias with increasing volatility and bearish momentum.

Structure & Formations

Price action over the 24-hour period formed a bearish flag pattern, with key resistance levels identified around $23.42–$23.49 and strong support forming at $23.12–$23.15. Several bearish engulfing patterns were observed between 03:00–04:00 ET, signaling continued selling pressure. A long lower shadow appeared around 05:45 ET, indicating a failed rebound attempt.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart remained bearishly aligned, with the price below both. The 50-period daily MA was also below the 100-period and 200-period lines, reinforcing the longer-term bearish bias.

MACD & RSI

The MACD line crossed below the signal line during the morning hours, confirming bearish momentum. RSI dipped below 30 in the final hours, entering oversold territory but without a corresponding rebound, indicating weak bullish conviction. A bearish divergence was observed between the MACD and price action in the early hours of the 24-hour window.

Bollinger Bands

Volatility expanded throughout the 24-hour period, with Bollinger Bands widening significantly. Price action stayed below the 20-period moving average and near the lower band for much of the session, reinforcing the bearish trend and indicating that the market remains oversold.

Volume & Turnover

Volume surged in the latter half of the 24-hour period, with the heaviest turnover concentrated between 09:00 and 10:00 ET. The increased volume coincided with a sharp downward move toward $23.11–$23.15. Notional turnover confirmed the bearish continuation, with no significant divergence between volume and price.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $23.49 to $23.11 identified potential levels for support and resistance. A 38.2% retracement sits near $23.23, and a 61.8% retracement aligns with $23.33. These levels could offer short-term bounce opportunities before the trend resumes lower.

Backtest Hypothesis

Given the observed bearish structure and technical indicators, a potential backtest strategy could involve entering short positions upon a rejection at the 38.2% Fibonacci level ($23.23) with a stop-loss above the 61.8% retracement ($23.33). A target could be set near the previous support zone of $23.12–$23.15. This setup would aim to capture a continuation of the bearish trend while managing risk through well-defined levels. MACD bearish divergence and RSI in oversold territory could serve as entry confirmation signals.