Hooked Protocol/Tether Market Overview

• Price fell to 0.0601 before rebounding to close near 0.0642, forming a potential bullish reversal pattern.
• RSI moved from oversold into neutral territory, suggesting short-term momentum may stabilize.
• Volume spiked during the 0.0612–0.0624 rally, indicating buying interest after a bearish phase.
• Volatility expanded in early hours, with Bollinger Bands widening as price approached key support.
• Fibonacci levels at 0.0634 and 0.0644 acted as resistance during the afternoon rebound, capping upward momentum.

The Hooked Protocol/Tether (HOOKUSDT) pair opened at 0.0654 on 2025-10-11 at 12:00 ET and closed at 0.0642 on 2025-10-12 at 12:00 ET, after reaching a high of 0.0675 and a low of 0.0601. Total volume for the 24-hour window was approximately 118.5 million, with a notional turnover of around 7.7 million. The price moved through a series of bearish and bullish consolidations, forming a key bullish engulfing pattern during a recovery phase in the early morning.

Structure & Formations

The price action shows a bearish trend followed by a potential reversal, particularly between 0.0601 and 0.0624. A bullish engulfing pattern emerged after the 19:30 ET low, suggesting short-term buyers stepped in. A doji formed near 0.0628, indicating indecision. Key support levels at 0.0601 and 0.0631 appear robust, while resistance levels at 0.0643 and 0.0652 have shown some capping.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have shown a bearish crossover earlier in the session, reinforcing the downward momentum. However, the 50-period MA has started to flatten, hinting at a potential stabilization. Daily moving averages (50, 100, 200) remain bearish but have not crossed sharply, indicating no major structural bearish shift on the broader timeframe.

MACD & RSI

MACD lines crossed into negative territory during the bearish phase but have begun to converge with the signal line, pointing to potential momentum stabilizing. RSI bottomed near 28 (oversold) and has rebounded to around 49, suggesting short-term overbought conditions are unlikely unless further upward momentum develops. This indicates a probable pause in bearish momentum.

Bollinger Bands

Volatility has expanded from a narrow contraction to a broadening of bands, with price bouncing between the lower and middle bands earlier in the day. Price closed near the middle band on the 15-minute chart, suggesting a potential continuation of sideways to bullish action if the upper band is tested.

Volume & Turnover

Volume spiked during the 0.0612–0.0624 rally, confirming a strong buying interest during the bounce. However, turnover remained moderate, with no significant divergence between volume and price movement. The late-morning and afternoon session saw lower volume, indicating a lack of conviction in the bullish phase.

Fibonacci Retracements

Recent swings from 0.0601 to 0.0675 show that 0.0644 and 0.0634 are key Fibonacci levels (61.8% and 38.2%, respectively), which have acted as resistance points. Price has bounced off these levels in the afternoon, suggesting a potential test of the 0.0652 (78.6%) level in the near term.

Backtest Hypothesis

A potential backtesting strategy could focus on entries during bullish engulfing patterns that occur after a bearish pullback to key Fibonacci levels. Specifically, a long entry could be initiated when price breaks above 0.0643 with a 1.5% stop-loss below the engulfing pattern low. A target could be set at the 61.8% Fibonacci extension of the 0.0601–0.0675 move, which is near 0.0664. This setup would rely on the 20-period MA crossing above the 50-period MA for confirmation.