DeXe/Tether (DEXEUSDT) Market Overview for 2025-09-23

• Price declined from $11.17 to $10.36 amid bearish momentum and high volatility.
• RSI and MACD indicated oversold conditions, but volume was unevenly distributed.
• Bollinger Bands signaled contraction to expansion, with price hovering near the lower band.
• Key support at $10.40–$10.36 and resistance at $10.70–$10.80 emerged.
• Divergence between price and volume suggested potential reversal or consolidation.

The DeXe/Tether (DEXEUSDT) pair opened at $11.016 at 12:00 ET on 2025-09-22 and closed at $10.366 at 12:00 ET on 2025-09-23, with a high of $11.226 and a low of $10.154. Total volume over the 24-hour period was 629,160.89 units, and notional turnover reached approximately $6.65 million (based on mid-price estimates). A bearish trend unfolded, punctuated by a sharp decline late in the day.

Structure & Formations

Price action displayed a key bearish breakdown from a prior range of $10.70–$11.20, followed by a series of lower highs and lower lows. A strong bearish engulfing pattern formed during the early morning UTC hours, confirming a shift in sentiment. A key support zone emerged between $10.36 and $10.45, where the price has bounced twice in the last 6 hours. A doji at $10.40 and a small bullish pinbar suggest potential near-term support retests could trigger countertrend buying.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs remained bearish, with price consistently trading below both. The 50-period SMA sits at $10.60, while the 20-period SMA is at $10.55. On the daily chart, the 50-, 100-, and 200-period SMAs are all in a bearish alignment, indicating medium-term pressure. The price remains below the 200 SMA at $10.90, reinforcing a bearish bias.

MACD & RSI

The MACD histogram showed a strong bearish divergence during the late night to early morning UTC, with the line falling below the zero level and remaining negative. The RSI hit an oversold reading of 28 near the daily low but failed to generate a strong bounce. A slight recovery to 45 suggests a possible temporary pause in the downtrend, but further confirmation is needed.

Bollinger Bands

Volatility was at its peak during the late night UTC, with the upper band reaching $11.25 and the lower band dipping to $10.15. The price has spent the majority of the last 24 hours near the lower band, indicating oversold conditions. A contraction was observed between 03:00 and 04:00 UTC, followed by an expansion, which may signal an impending breakout or reversal.

Volume & Turnover

Volume spiked during the late night UTC as price fell sharply from $11.20 to $10.40. Notional turnover reached a peak of $650,000 during this period. However, volume dropped significantly after 05:00 UTC, indicating a lack of follow-through bearish momentum. Divergence between price and volume during the morning UTC suggests either consolidation or a possible short-covering rally in the near term.

Fibonacci Retracements

Applying Fibonacci levels to the recent $11.20–$10.15 move, the 38.2% retracement is at $10.60 and the 61.8% at $10.45. Price has bounced off the 61.8% level twice, suggesting it may serve as a short-term floor. A break below $10.36 (23.6% of the 10.60–10.45 retracement) could trigger further downside to $10.25.

Backtest Hypothesis

Given the recent bearish structure, a potential backtesting strategy could involve entering short positions on a break below the $10.36 support level, with a stop-loss placed just above $10.45. A target for the first short could be $10.25, based on the 23.6% retracement level, and a second target at $10.15, aligning with the lower Bollinger Band. This strategy would rely on the continuation of bearish momentum, as confirmed by the MACD and RSI during the key low-volume consolidation phase.