Market Overview for Chainlink/Tether (LINKUSDT) – 2025-10-09

• Chainlink/Tether (LINKUSDT) surged to a 24-hour high of $22.67 before retracing.
• Strong bullish momentum observed in late-night hours, followed by consolidation.
• Volatility spiked during late ET hours, with volume peaking at $69,362.12.
• RSI indicated overbought conditions, suggesting potential pullback.
• Price appears to find short-term support near $22.00 and resistance at $22.50–$22.60.

Chainlink/Tether (LINKUSDT) opened at $22.01 at 12:00 ET–1 and closed at $22.57 at 12:00 ET, reaching a high of $22.67 and a low of $21.94 over the 24-hour period. The total volume for the session was 693,621.21 LINK, with a notional turnover of approximately $15.46 million.

Structure & Formations

The 15-minute chart reveals a strong bullish bias in the late evening hours, with a powerful green candle forming at $22.55–$22.60, followed by a smaller bearish candle, indicating possible short-term resistance at this level. A bearish engulfing pattern emerged in the early morning hours as the price moved from $22.63 to $22.52, hinting at a potential reversal. Key support levels appear to be forming around $22.00 and $22.35, with a notable doji at $22.45 suggesting indecision.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are in bullish alignment, both trending higher. The 50-period MA crossed above the 20-period MA in the late evening, indicating a potential breakout signal. On the daily chart, the 50-period MA sits above the 100-period and 200-period MAs, suggesting a continuation of the longer-term bullish trend.

MACD & RSI

The MACD line turned bullish in the late-night hours, crossing above the signal line and generating positive divergence as price moved higher. The RSI reached overbought territory above 70 during the early morning session, signaling a possible pullback. However, the RSI remains above 50, indicating that the underlying momentum remains bullish.

Bollinger Bands

Volatility expanded during the late-night surge, with price breaking above the upper Bollinger Band at $22.67, indicating a strong breakout. The subsequent pullback brought price back inside the bands, with current levels hovering near the midline and upper band. A contraction in volatility during the early morning hours suggests potential for another breakout.

Volume & Turnover

Volume spiked significantly during the late-night session, with the highest 15-minute volume reaching 69,362.12 LINK. This coincided with the highest high of $22.67, confirming the strength of the bullish move. The volume in the early morning pullback was lower, indicating less conviction. Notional turnover also peaked during the late-night session at $1.56 million, reinforcing the breakout.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing high of $22.67 and low of $21.94, key levels of interest are at 38.2% ($22.45), 50% ($22.305), and 61.8% ($22.16). The price appears to be finding support at or near the 50% and 61.8% levels, which could act as potential turning points in the near term.

Backtest Hypothesis

The proposed backtest strategy involves entering long positions when the 20-period moving average crosses above the 50-period MA on the 15-minute chart, confirmed by a bullish MACD crossover and RSI above 50. Exit signals would be triggered when the RSI drops below 50 or a bearish engulfing pattern forms. This approach aligns with the observed price action over the last 24 hours, particularly the late-night breakout. A backtest of this strategy would need to be applied over a larger dataset to evaluate its robustness across varying market conditions.