Market Overview for Chainlink/Tether (LINKUSDT) on 2025-11-08

Summary
• Price surged 13.5% from $15.32 to $16.23 before retracing to close at $15.68.
• Bullish momentum waned in the second half as volume and price diverged.
• A key resistance at $16.05 and support at $15.64 are critical for near-term direction.

Chainlink/Tether (LINKUSDT) opened at $15.32 on 2025-11-07 at 12:00 ET, surged to a high of $16.23, and closed at $15.68 on 2025-11-08 at 12:00 ET. Total 24-hour volume was 6,059,603.4 and notional turnover amounted to $93,913,758. The pair showed strong early momentum, forming several bullish candlestick patterns, followed by a sharp consolidation phase.

Structure & Formations

Price advanced sharply from $15.32, forming a strong bullish engulfing pattern at $16.09–$16.23. A key resistance emerged at $16.05–$16.11, with price failing to break above it in the final hours. A bearish divergence in the last four hours, marked by a high-wave candle and a lower low, suggests potential bearish continuation. Support levels at $15.64 and $15.55 appear critical for near-term stability.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart were bullish during the morning, with price above both. By the late evening, price had dipped below the 20-period MA, signaling potential bearish pressure. Daily MA 50/100/200 were aligned bearish, indicating longer-term caution despite short-term optimism.

MACD & RSI

The MACD turned bearish in the last three hours, with a bearish crossover and shrinking histogram. The RSI peaked at 61.8% overbought during the morning, then dropped to 52 by close, suggesting moderate momentum. While not in overbought or oversold territory, the RSI's pullback confirms the weakening of the bullish case.

Bollinger Bands

Volatility was at its highest during the morning surge, with price reaching the upper band at $16.23. By the close, price had retraced to near the midline of the bands, indicating a temporary pause in directional bias. The contraction in band width in the final hour suggests a potential consolidation phase.

Volume & Turnover

Volume spiked sharply during the morning surge, with a peak of 268,166.8 at $16.23. However, volume in the bearish retracement phase (after 20:00 ET) was lower, despite a larger price move, signaling weak conviction in the downward correction. Notional turnover followed a similar pattern, confirming the divergence between volume and price.

Fibonacci Retracements

The $15.64 level coincided with the 38.2% retracement of the $15.32–$16.23 move. The 61.8% level is at $15.85, where price stalled multiple times. A retest of the 61.8% level in the next 24 hours could provide clarity on whether the consolidation is bearish or a setup for another push higher.

Backtest Hypothesis

Given the bearish divergence in the final hours and the potential for a short-term bearish continuation, a backtest using a bearish engulfing pattern could be valuable. Testing this strategy on LINKUSDT using 15-minute data could offer insight into short-term sell signals. A potential rule could involve selling at close following a bearish engulfing pattern and holding for 3 days. This aligns with the observed price behavior and could be tested for efficacy in similar setups.