API3/Tether (API3USDT) Market Overview

Summary
• API3USDT fell to a 24-hour low of 0.544 before recovering to 0.5967, showing bearish pressure followed by a tentative rebound.
• Volume spiked sharply during the early morning hours, but price failed to confirm strength with sustained gains.
• RSI indicates oversold conditions mid-day, while MACD turned positive after 5:00 AM, hinting at short-term momentum shift.

The API3/Tether (API3USDT) pair opened at 0.5921 on 2025-11-04 at 12:00 ET, reached a high of 0.5969, dropped to a low of 0.544, and closed at 0.5967 at 12:00 ET on 2025-11-05. Total volume was 1,383,264.55, while notional turnover was $815,479.23.

Structure & Formations

Price action on API3USDT exhibited multiple bearish and bearish-to-bullish transitions. A sharp drop to 0.544 (near support) was followed by a recovery to 0.5967, forming a short-term bullish reversal pattern around 0.570–0.575. A key resistance level appears at 0.59–0.593, where price has previously tested and bounced. A doji formed at 0.5458 on 2025-11-05 01:45 AM, signaling indecision after the decline.

Moving Averages

On the 15-minute chart, price has tested the 20- and 50-period moving averages, crossing above the 20SMA after 5:00 AM. While the 50SMA remains bearish, the recent crossover suggests short-term bullish momentum. On the daily chart, the price remains below all key MAs, reinforcing the bearish bias for the longer term.

MACD & RSI

The RSI reached an oversold level of 30 mid-day, suggesting a potential bounce, though it remained below 50. The MACD turned positive after 5:00 AM with a rising histogram, indicating short-term bullish momentum. However, RSI divergence with price during the morning hours suggests caution for further upward moves.

Bollinger Bands

Price spent much of the session inside the lower Bollinger Band before crossing back into the middle band, indicating increased volatility and a potential short-term reversal. A contraction in band width occurred overnight, followed by a rapid expansion as price moved upward.

Volume & Turnover

Volume surged during the early morning, especially between 20:30 and 22:00 ET on 2025-11-04, as price dropped to the 0.544 level. Turnover spiked during this period but failed to push price above the 0.570 level. A divergence between volume and price during the morning recovery suggests mixed conviction in the bullish move.

Fibonacci Retracements

The 61.8% retracement level of the 0.544–0.5967 swing appears at 0.5797, where price hesitated twice. The 38.2% level at 0.5654 also showed resistance before price bounced. These levels are likely to be revisited, with the 61.8% level acting as a potential pivot point.

Backtest Hypothesis

The backtest for identifying Bullish Engulfing patterns on API3USDT encountered issues due to data formatting limitations. A potential alternative is to use closing-price-based rules (e.g., identifying candlesticks where the close significantly exceeds the prior close and opens within the prior range) to approximate bullish reversal signals. Once the correct data structure is confirmed or user-submitted pattern dates are provided, a more accurate backtest can be executed. This would align with the observed bullish divergence in MACD and RSI, potentially validating a reversal strategy.