Market Overview for Chainlink/Tether (LINKUSDT) – 24-Hour Summary

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Summary
• Chainlink/Tether (LINKUSDT) drifted lower by 0.34% over 24 hours, closing near session lows.
• Volume remained moderate with no clear divergence in turnover and price.
• A potential bearish reversal pattern formed during early ET hours, below 21.88.
• RSI entered oversold territory, suggesting possible short-term consolidation.
• Price remains within a tight range, with support near 21.50 and resistance at 21.90.

At 12:00 ET on 2025-09-24, Chainlink/Tether (LINKUSDT) opened at 21.88, reached a high of 21.99, and fell to a low of 21.17 before closing at 21.77 at 12:00 ET. Total volume over the 24-hour window was 3,637,273.29, with a notional turnover of approximately $79,610,712. The pair remained in a tight trading range, with early bearish pressure and late recovery attempts.

Structure & Formations

Price saw a bearish reversal pattern in the 15-minute chart between 02:00 and 02:30 ET, where a large bearish candle broke below 21.88. This level is now a potential short-term support. A series of lower highs and lower closes after 02:45 ET confirmed bearish momentum. A key support level appears near 21.50–21.55, where a bullish bounce was observed. No strong bullish patterns emerged after 06:00 ET, and the asset settled into a consolidation phase between 21.65 and 21.85.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs crossed at 21.75, indicating a neutral trend. Price held above both averages for most of the session, though a bearish crossover occurred briefly around 03:00 ET. On the daily chart, the 50-period SMA resides at 21.72, while the 200-period SMA is at 21.83. The price closed below the 50-period SMA, reinforcing the bearish bias.

MACD & RSI

MACD remained negative throughout the session, with a bearish crossover occurring at 03:00 ET. Histogram bars showed decreasing bearish momentum after 09:00 ET, suggesting exhaustion. RSI fell to 28 by 06:00 ET, entering oversold territory and hinting at potential short-term bounce. However, the RSI failed to close above 50 by 12:00 ET, indicating a lack of strong follow-through.

Bollinger Bands

Price action remained tightly within the Bollinger Bands for most of the session, with a narrow band at 03:00 ET indicating a potential breakout. A sharp drop from 21.88 to 21.52 between 02:30 and 03:30 ET widened the bands, confirming increased volatility. At the close, price sat near the midline of the bands, suggesting a potential sideways move in the near term.

Volume & Turnover

Volume spiked at 03:30 and 04:15 ET, coinciding with sharp price declines. The highest 15-minute volume was recorded at 03:30 ET, with 321,190.62 contracts traded. Notional turnover increased in line with volume, but the lack of follow-through buying after 08:00 ET suggests market indecision. The final 15-minute candle at 12:00 ET showed a modest volume of 35,552.82, indicating little urgency in the closing price.

Fibonacci Retracements

On the 15-minute chart, a key 38.2% retracement level was identified near 21.75–21.77, coinciding with a brief bounce. The 61.8% level sat near 21.55–21.60, which acted as support during the session. On the daily chart, a 61.8% retracement from the recent high of 21.99 to the low of 21.17 aligns with the 21.55–21.60 range. This reinforces the current support and suggests a potential rebound in the near term.

Backtest Hypothesis

A potential backtest strategy could involve entering short positions on the confirmation of a bearish engulfing pattern, particularly when RSI falls below 30 and volume spikes. A stop-loss could be placed above the 20-period SMA, while a profit target could be set at the next Fibonacci level (61.8%). Long positions might be entered on a reversal above 21.85 with a bullish candle and a closing above 21.85. This strategy would aim to capture short-term swings in a range-bound environment, leveraging overbought/oversold RSI levels and volume confirmation.