Summary
• Price surged from $12.27 to $12.95, forming a bullish engulfing pattern near key resistance.
• RSI overbought at 78, but volume confirmed the breakout above $12.70.
• Volatility expanded, with Bollinger Bands widening as price traded above the 20-period MA.
Chainlink/Tether (LINKUSDT) opened at $12.27 at 12:00 ET–1, reached a high of $12.95, and closed at $12.73 at 12:00 ET. Total volume was 1,911,121.84, and turnover hit $24.43 million.
Structure & Formations
Price formed a bullish engulfing pattern near $12.70, breaking above a cluster of prior resistance levels. A doji appeared at $12.70–$12.75, suggesting indecision before a final push higher.
Moving Averages
The 20-period 5-min moving average was at $12.65, while the 50-period was at $12.62. Price closed above both, signaling short-term bullish momentum. Daily 50/100/200 EMA levels are aligned below $12.50.
MACD & RSI
MACD crossed above the zero line with a bullish histogram. RSI hit overbought territory at 78, but volume surged in tandem with price, suggesting strength in the breakout.
Bollinger Bands
Volatility expanded through the day, with Bollinger Bands widening to 0.16. Price closed near the upper band, indicating a strong move on increased volatility.
Volume & Turnover
Volume spiked above $100,000 at key breakouts, especially around 15:00–16:30 ET. Turnover matched price surges, providing confirmation rather than divergence.
Fibonacci Retracements
A 61.8% retracement level at $12.73 aligned with the close, suggesting initial resistance could now act as support. Daily retracement levels are still untested in this range.
The market appears to have entered a short-term bullish phase with strong volume and confirmation at key levels.
Price could test $12.95 again, but a pullback to the 20-period MA at $12.65 could see renewed buying. Investors should monitor for overbought conditions and potential short-term profit-taking.
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