Harvest Finance/Tether Market Overview

• Price rose from $23.01 to $24.55 before consolidating.
• Bullish momentum surged in early ET hours, hitting a 24-hour high of $24.81.
• Volatility spiked with volume surging to 4957.62 at 15:00 ET.
• RSI and MACD signaled overbought conditions after the 24.13 resistance break.
• Key support identified at $23.8–24.0, with potential for short-term pullback.

24-Hour Price and Volume Summary

Harvest Finance/Tether (FARMUSDT) opened at $23.01 on October 12 at 12:00 ET and closed at $24.55 by October 13 at 12:00 ET, hitting a high of $24.81 and a low of $22.90. Total volume amounted to 13,181.02 units, with a notional turnover of $308,679.17 over the 24-hour period.

Structure & Formations

The price action displayed a strong bullish reversal after breaking the $24.13 resistance level. A notable Bullish Engulfing pattern formed on the 15-minute chart at 08:30 ET (13:30 local), as a large green candle engulfed the previous red candle. This confirmed renewed buying pressure. A key support zone emerged between $23.80 and $24.00 after a failed test of resistance at $24.35 in the late morning. A potential bearish divergence in price and volume appeared in the final hour, with prices dropping to $24.18 despite volume not reaching a new high, signaling caution ahead.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA in the early morning, forming a golden cross and supporting the bullish bias. The 50-period MA currently sits at $24.18, and the 20-period MA is at $24.33, both trending upward. On the daily chart, the 50-period MA is at $23.45, below the 200-period MA at $23.60, indicating a longer-term bearish trend, though short-term momentum is firmly bullish.

MACD & RSI

The MACD turned sharply higher in the early ET hours, with a histogram expansion confirming accelerating bullish momentum. RSI climbed above 70 for a brief period during the $24.81 high, suggesting overbought conditions. A pullback to 60–65 would indicate a healthy correction. Both indicators suggest that a near-term pullback is likely but not yet overextended.

Bollinger Bands

Volatility expanded significantly in the morning hours as the price pushed beyond the upper band at $24.80, a sign of strong conviction from buyers. By the afternoon, price retracted toward the mid-band at $24.35 and is now consolidating within the bands, indicating reduced urgency. A retest of the lower band at $23.80 would be a key watch point for potential support.

Volume & Turnover

Volume surged during the early morning hours with a spike of 4957.62 at 15:00 ET, confirming the $24.55 close. However, volume tailed off in the final two hours, failing to support the higher price action. This divergence raises questions about the strength of the rally and may indicate a short-term topping process.

Fibonacci Retracements

Applying Fibonacci levels to the recent $22.90–24.81 swing, key levels include 38.2% at $24.05 and 61.8% at $24.54. The 61.8% retracement closely aligns with the 24-hour high, suggesting that the immediate move may be nearing exhaustion. A break below 38.2% could trigger a retest of the $23.80 support area.

Backtest Hypothesis

Given the appearance of a bullish engulfing pattern at 08:30 ET, which successfully preceded a 3% rally over the next three 15-minute intervals, this could be a promising candidate for backtesting. A backtest scanning for Bullish Engulfing patterns in a broader crypto universe (e.g., FARMUSDT, along with other altcoins) would help determine the frequency and profitability of such setups. Signals generated from confirmed engulfings could be used to enter long positions with 3-day holding periods. Historical data from 2022-01-01 to 2025-10-13 would allow for robust performance evaluation.