Market Overview: Axie Infinity/Tether (AXSUSDT) 24-Hour Analysis

• AXSUSDT opened at $2.452, hit a high of $2.491, and closed at $2.420 within 24 hours on heavy volume.
• Price formed multiple bullish and bearish candlestick patterns, with a bearish reversal confirmed in late ET hours.
• Volatility spiked midday but contracted in the final 6 hours, suggesting a consolidation phase.
• RSI signaled overbought conditions during midday highs but dropped sharply into oversold territory by the close.

Axie Infinity/Tether (AXSUSDT) opened at $2.452 on 2025-09-16 at 12:00 ET, rose to a high of $2.491, and closed at $2.420 by 12:00 ET on 2025-09-17. The 24-hour volume totaled 1,041,565.30 units with a notional turnover of $2,578,645.46, indicating strong on-chain activity and investor interest.

Structure & Formations

Price action formed key resistance around $2.47–2.49 and support at $2.44–2.45 throughout the 24-hour window. A bearish engulfing pattern emerged around 19:00–19:30 ET, followed by a doji at $2.466 suggesting indecision. A bullish harami appeared briefly during the overnight hours but failed to push past $2.48. The price remains in a tight consolidation range after the initial midday spike.

Moving Averages

The 15-minute chart shows the price testing the 20-period MA at $2.46–2.47 and the 50-period MA at $2.45–2.46 during the consolidation phase. On the daily chart, the 50-period MA is at $2.443 and the 200-period MA near $2.435, with price currently above both, suggesting short-term bullish bias, though bearish crossover is likely with further downside.

MACD & RSI

Momentum as measured by MACD turned negative after 19:00 ET, with the histogram shrinking and the line crossing below the signal line, signaling bearish divergence. The RSI peaked at 68 midday and dropped below 30 by the close, indicating oversold conditions and potential for a short-term rebound. However, with volume thinning in the final hours, the sustainability of any bounce remains questionable.

Bollinger Bands

Volatility was highest around midday as the bands expanded to capture the $2.491 high. The price has since retracted and now sits within the lower half of the bands, indicating a period of contraction and cautious positioning. A breakout above the upper band would require a sharp increase in buying pressure.

Volume & Turnover

The largest single-candle volume spike occurred at 09:00 ET with 99,470 units traded, coinciding with a sharp drop of 1.8% in price. A divergence between rising price and declining turnover after 19:00 ET signaled weakening conviction. The final 6 hours saw both volume and turnover decline, suggesting a pullback in speculative interest.

Fibonacci Retracements

Fibonacci levels from the key swing high at $2.491 to the swing low at $2.435 show 38.2% retracement at $2.469 and 61.8% at $2.455. The price has bounced twice off the 61.8% level, suggesting it may hold as a near-term support. A break below $2.455 would target $2.44–2.43 as the next key level.

Backtest Hypothesis

Given the identified price behavior and key levels, a potential backtest strategy could involve entering short positions on a confirmed break below $2.455 with a stop-loss above $2.469 (61.8% retracement). A long entry might be considered after a rebound from the $2.43–2.44 range, with a take-profit at the 38.2% level at $2.469. This hypothesis leverages the observed volatility, RSI divergence, and Fibonacci levels as alignment points, making it suitable for a medium-term (daily to 4-hour) trading horizon.