Market Overview: Alchemix/Tether (ALCXUSDT) - 24-Hour Summary

• ALCXUSDT rose from $6.86 to $7.11 amid a sharp late-day rally after testing key support levels.

• Volume increased notably in the final 4 hours, confirming upward momentum and renewed buyer participation.

• RSI showed overbought conditions late in the session, suggesting potential consolidation or pullback in the near term.

• Bollinger Bands expanded with the price near the upper band, reflecting heightened volatility and bullish pressure.

• No significant bearish candlestick patterns emerged despite intraday corrections, favoring continuation of the trend.

24-Hour Summary

At 12:00 ET–1 on 2025-10-30, Alchemix/Tether (ALCXUSDT) opened at $6.86 and traded as low as $6.70 before closing at $7.06 by 12:00 ET on 2025-10-31. The price reached an intraday high of $7.11, marking a notable rebound. Total volume across the 24-hour period was 18,102.49 units with a notional turnover of $125,424.11, reflecting a surge in activity particularly in the final 4 hours.

Structure & Formations

The 24-hour chart displayed a strong bullish bias, with ALCXUSDT bouncing off the $6.80 support level multiple times. This level appears to act as a key psychological floor, and the price’s resilience around this area indicates strong buying interest. In the latter half of the session, a large bullish engulfing pattern emerged at $6.97–$7.03, reinforcing the likelihood of a continuation. No major bearish reversal patterns were observed, suggesting buyers remain in control.

Moving Averages

On the 15-minute chart, ALCXUSDT closed above both the 20-period and 50-period moving averages, indicating a positive trend. The 20-period line was at $6.96 while the 50-period was at $6.90 at the end of the period. The price remained comfortably above both, which could imply a continuation of the bullish momentum. On the daily chart, the 50-period MA at $6.88 and the 200-period MA at $6.85 also supported a bullish bias, with the price comfortably above both.

MACD & RSI

The 15-minute MACD showed a positive crossover late in the session, with the MACD line above the signal line and a growing histogram. This suggests increasing momentum behind the current rally. The RSI rose into overbought territory (above 70) by the final candle, indicating that the asset may have extended too far, too fast. This could either signal a pause or consolidation or a continuation of the rally if buyers maintain their interest.

Bollinger Bands

Bollinger Bands showed a significant expansion as the price pushed to the upper band, reaching $7.11 in the final hours. This suggests that the market is experiencing heightened volatility and bullish pressure. The price closed just below the upper band, indicating that while the move remains strong, caution may be warranted as overbought conditions persist. No contraction in the bands was observed during the 24-hour window, which suggests sustained momentum.

Volume & Turnover

Volume increased sharply in the final four hours of the session, with the most activity occurring between 15:00 and 16:00 ET. This surge coincided with the price pushing above the upper Bollinger Band and into overbought territory, suggesting that institutional or large institutional buying may have been involved. The notional turnover also showed a corresponding rise, with the final two hours accounting for over 30% of the total volume. This alignment between price action and volume provides strong confirmation of the bullish trend.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing from $6.80 to $7.11, the 61.8% level sits at $6.96, which the price touched during its consolidation phase. This level appears to have served as a short-term support, reinforcing its significance. The 78.6% retracement level is at $7.03, which the price briefly tested before pushing higher. The 100% retracement target at $7.11 was reached at the session high, suggesting that further gains may require a break above this level.

Backtest Hypothesis

Given the absence of readily available RSI values for ALCXUSDT, it’s possible to calculate RSI in-house using the provided OHLCV data. Assuming a 14-period RSI, the overbought trigger would be set at 70, with an entry signal potentially occurring when RSI exceeds this threshold. A potential exit rule of “Sell at Close” would mean closing positions on the same-day close regardless of further price movement. This approach would need to be tested on historical data to assess its robustness. If RSI overbought conditions are frequent in ALCXUSDT, the strategy may face high false-positive rates or extended holding periods with limited reward. Further refinement, such as incorporating volume divergence or price action filters, could improve performance.