Flamingo/Tether (FLMUSDT) 24-Hour Market Overview

• FLM/USDT traded between $0.0206 and $0.0225 over the last 24 hours, closing at $0.0221.
• A bullish reversal pattern emerged after a sharp selloff into support at $0.0215.
• Volume spiked during the $0.0215–$0.0225 rally, confirming the strength of the bounce.
• RSI and MACD suggest momentum is still in favor of the bulls, but signs of short-term overbought levels may emerge.

24-Hour Price Action and Summary

Flamingo/Tether (FLMUSDT) opened at $0.0208 on 2025-10-12 at 12:00 ET and closed at $0.0221 on 2025-10-13 at the same time. The pair reached a high of $0.0225 and a low of $0.0206 over the 24-hour period. Total volume traded was 9,830,669.0 tokens, with a notional turnover of $210,051.00 (calculated by multiplying price and volume per candle).

The candlestick pattern over the past 24 hours shows a strong bearish trend turning into a potential bullish reversal. A sharp selloff in the early morning hours was followed by a sustained rally through the afternoon and into the evening, pushing prices above key psychological levels. This rally was supported by strong volume, particularly in the $0.0215–$0.0225 range, suggesting accumulation and bullish sentiment.

Structure and Key Levels

The price action shows a key support level at $0.0215, where multiple 15-minute candles found buying interest and reversed to the upside. A bearish breakdown was nearly achieved during the early morning hours, but a strong bullish engulfing pattern at $0.0215–$0.0219 reversed the trend.

Resistance is now forming near $0.0225, where two 15-minute candles tested this level and failed to break through. A breakout above this resistance could trigger a retest of the $0.0225–$0.0227 range. Meanwhile, $0.0210 appears as a critical support level, where price has bounced multiple times in the past week.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages show a bullish crossover during the afternoon rally, reinforcing the upward bias. The 50-period MA is now at $0.0217, just below the current price, which suggests continued buying pressure.

For the daily chart, while the 50-period and 100-period moving averages remain in bearish alignment, the recent rally has brought price into the vicinity of the 50-day MA, indicating a potential reversal is forming.

MACD and RSI Analysis

The MACD line crossed above the signal line just before the morning rally, signaling a potential bullish momentum shift. The histogram is positive and expanding, which supports the idea of increasing upward momentum.

RSI is currently at 61, indicating moderate overbought conditions, though it has not reached the 70 threshold for extreme overbought territory. A pullback is likely, but as long as RSI remains above 50, bullish sentiment is intact.

Bollinger Bands and Volatility

The Bollinger Bands have widened during the afternoon and evening rally, indicating an expansion in volatility. Price has moved out of the lower band and is now sitting near the upper band at $0.0225, suggesting a strong directional move.

A contraction in the bands is expected if price consolidates near the current level. This could serve as a precursor to the next leg up or a potential short-term correction.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent $0.0215–$0.0225 move, the 38.2% level is at $0.0218 and the 61.8% level is at $0.0222. Price has already tested and slightly exceeded the 61.8% level, suggesting a potential retest of that area in the coming hours.

On a larger scale, the 61.8% retracement of the $0.0206–$0.0225 move is at $0.0216, which has now become a key support level.

Backtest Hypothesis

The Bullish Engulfing pattern is a popular candlestick signal for potential short-term reversals in crypto trading. To backtest this pattern for FLM/USDT, it's essential to confirm the correct symbol format in the historical data source. Given the recent 24-hour action showed a potential reversal at $0.0215–$0.0219, a backtest using this pattern could provide valuable insight into its reliability on this pair.

To proceed, you need to confirm the correct symbol format for FLM/USDT in your data source—whether it's FLMUSDT, FLM-USDT, or an exchange-specific format such as FLM-BINANCE-USDT. Once the symbol is validated, the backtest can begin by scanning for every Bullish Engulfing pattern since 2022-01-01 and evaluating the performance of a one-day holding strategy.

The results would include key metrics such as hit ratio, average return, maximum drawdown, and Sharpe ratio, which would help assess the signal's viability. This can then be visualized in a chart module for better interpretation.