Market Overview for Bonfida/Tether (FIDAUSDT): 2025-10-23 12:00 ET

• Price dipped from 0.058 to 0.0564 over 24 hours, with bearish consolidation into the session close.
• Volatility expanded during the early session, with a sharp drop to 0.0542 followed by a gradual recovery.
• RSI entered oversold territory during the session, suggesting a potential short-term rebound.
• Volume remained steady, with notable surges during the 21:15–23:45 ET timeframe.
• A bullish hammer formed near session lows, hinting at potential support around 0.0561–0.0564.

The 24-hour candle for Bonfida/Tether (FIDAUSDT) opened at 0.058, reached a high of 0.0581, and fell to a low of 0.0542 before closing at 0.0566 at 12:00 ET. Total volume for the 24-hour period was 10,005,164.1, with a notional turnover of $558,425. The price action featured a strong bearish thrust early in the session, followed by a retest and partial recovery.

Structure and formations suggest a bearish bias during the session. A sharp drop to 0.0542 was followed by a slow consolidation phase. The 0.0561–0.0564 range appears to act as a key support level, with a potential bullish reversal candle (a hammer) forming at the bottom of the range. Resistance levels at 0.0574–0.0576 were tested multiple times during the recovery phase, but the price failed to break through decisively.

Moving averages on the 15-minute chart suggest a short-term bearish trend. The 20-period MA dipped below the 50-period MA during the session, indicating downward momentum. On the daily chart, the 50-period MA remains above the 100- and 200-period MAs, suggesting a slightly more bullish bias for the longer term. The price is currently trading near the 0.0566 level, which is close to the 20-period MA.

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MACD and RSI readings reflect a bearish session with a potential short-term reversal. RSI dipped below 30 into oversold territory during the 21:15–23:45 ET period, hinting at a possible rebound. MACD showed a bearish crossover earlier in the session, with a weak attempt at a bullish crossover as the price recovered. The momentum remains mixed, with the RSI suggesting a possible short-term bounce, while the MACD still shows bearish divergence.

Bollinger Bands reflected the volatility expansion during the early part of the session. The price fell below the lower band during the 21:15–23:45 ET period, confirming oversold conditions. As the price recovered, it moved closer to the middle band, suggesting a possible stabilization. The narrowing of the bands in the latter half of the session could indicate a potential reversal setup, provided the price holds the 0.0561–0.0564 support.

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Volume and turnover were highest during the 21:15–23:45 ET period, coinciding with the price’s decline to 0.0542. A notable divergence was observed between price and volume during the recovery phase; while the price increased, the volume remained moderate, suggesting weaker conviction. The 0.0561–0.0564 range saw increased volume on the rebound, which may indicate strong institutional or retail support.

Fibonacci retracement levels applied to the session’s 0.0581–0.0542 swing show key levels at 0.0556 (38.2%), 0.0564 (61.8%), and 0.0568 (78.6%). The price stalled at the 61.8% retracement level (0.0564) during the recovery phase, suggesting a potential area of resistance and consolidation. The 0.0561–0.0564 range is likely to be a critical support zone for the next 24 hours.

Backtest Hypothesis

The RSI-oversold backtest strategy described in the provided text is directly relevant to the recent price action of FIDAUSDT. During the 21:15–23:45 ET period, RSI dipped below 30, satisfying the oversold condition. A 3-day holding period from the 21:15 ET candle would have captured the subsequent partial recovery. However, the price did not fully break above the 0.0574–0.0576 resistance levels, limiting the potential gains. A successful backtest would require confirmation of a bullish breakout above 0.0574, ideally on strong volume. Traders may want to monitor this level closely over the next 24–48 hours, in line with the proposed strategy.

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