Market Overview: API3/Tether (API3USDT) 24-Hour Technical Summary

• API3USDT traded in a 24-hour range of 0.68–0.7045, closing at 0.69.
• Momentum showed bearish divergence with RSI near neutral zone.
• Volatility expanded during early morning hours before stabilizing.
• Bollinger Bands tightened mid-day, signaling potential breakout.
• On-balance volume confirmed price action without major divergences.

Opening Narrative

API3/Tether (API3USDT) opened at 0.68 on 2025-10-23 at 12:00 ET, reached a high of 0.7045, and closed at 0.69 by 12:00 ET on 2025-10-24. Total trading volume amounted to 1,053,189.99 API3, while notional turnover hit $686,926.61. Price action suggests a consolidation phase after a volatile 15-minute spike.

Structure & Formations

The 15-minute chart revealed a moderate bearish trend, with key support found around the 0.685–0.687 range and resistance near 0.693–0.695. A series of bearish engulfing candles emerged around 19:30 and 04:15 ET, confirming a shift in sentiment. A morning doji at 01:15 ET signaled indecision after a sharp rebound from support. The price appears to be consolidating within a descending triangle formation.

Moving Averages

The 20-period EMA on the 15-minute chart is above the 50-period line, indicating a mild bullish bias. However, the 50-period line is slowly crossing below the 20-period, signaling a potential bearish crossover on the short term. On the daily chart, the 50/100/200-period SMAs are in descending order, with the 50-period line recently crossing below the 100-period, forming a bearish death cross.

MACD & RSI

The 15-minute MACD line is negative and trending downward, with the histogram showing declining momentum. RSI has stabilized near the 50 threshold, suggesting a neutral to bearish momentum phase. The RSI crossed below 50 in the early hours, aligning with the bearish engulfing candles. While not yet in oversold territory, the asset appears to be losing upward momentum.

Bollinger Bands

Bollinger Bands displayed a moderate expansion during the early morning hours, following the bearish reversal. The 20-period band width increased by ~12%, indicating rising volatility. Price action has since moved back into a mid-band consolidation phase, with the closing candle near the middle band, suggesting a possible continuation of sideways movement.

Volume & Turnover

Volume spiked dramatically during the early morning (4:45–5:15 ET), with the 5:00 ET candle registering a 32,115.81 API3 volume and $22,724.78 turnover. This period saw a strong price rebound from support, and the volume confirmed the reversal. However, later candles showed a gradual decline in volume, despite continued price movement, indicating potential exhaustion of the bearish trend.

Fibonacci Retracements

Applying Fibonacci retracements to the 0.68–0.7045 swing, the 0.69 level corresponds to the 38.2% retracement, while the 0.687 mark aligns with the 61.8% level. The price has bounced off the 38.2% retracement twice, suggesting a possible test of the 61.8% level in the near term. On the daily chart, the recent low at 0.68 represents a key 61.8% retracement level from a previous upward move.

Backtest Hypothesis

The proposed backtesting strategy seeks to exploit momentum divergences using MACD and RSI as entry/exit signals. MACD death-crosses could be used to identify bearish entries, while RSI below 30 would trigger exits. The 24-hour price action observed today aligns with the MACD bearish bias and RSI neutrality—suggesting the strategy would have triggered a sell signal had it been active at the 01:15 doji. A full backtest using this methodology over a multi-year period could validate its effectiveness in range-bound environments like the one observed today.