Market Overview for Celo/Tether (CELOUSDT) – 24-Hour Summary – 2025-09-20

• Celo/Tether (CELOUSDT) opened at $0.3074 and closed at $0.3046, with a high of $0.3095 and a low of $0.298.
• The price formed a bearish trend with multiple lower highs and lower lows after a sharp sell-off in the overnight hours.
• Volatility spiked between 18:00–20:00 ET with a large bearish candle and a high turnover spike.
• RSI signaled oversold conditions at 31 and remained below 40 all day, suggesting bearish momentum.
• Bollinger Bands showed contraction in the morning and a breakout to the downside confirmed by falling volume.

The Celo/Tether (CELOUSDT) pair opened at $0.3074 on 2025-09-19 at 12:00 ET and closed at $0.3046 on 2025-09-20 at 12:00 ET. The 24-hour high reached $0.3095, while the low dropped to $0.298. Total volume amounted to 1,182,913.2 units, with notional turnover reaching $356,182.9. Price action showed a bearish tilt after a key sell-off in the overnight hours.

Structure and formations revealed a key resistance at $0.3095, the 24-hour high, and a support level forming at $0.3021–$0.2980 as the price tested and bounced within this range multiple times. A notable bearish engulfing pattern appeared at $0.3056–$0.3026 (18:15 ET), confirming a short-term downtrend. A doji formed around $0.3042–$0.3045 (20:45–21:00 ET), suggesting indecision and possible consolidation ahead.

The 15-minute moving averages (20 and 50) both remained bearish, with the 50-period line below the 20-period line, reinforcing a bearish bias. Daily MA lines showed a steeper decline, with the 50, 100, and 200-period lines aligned lower. MACD remained below zero throughout the day, confirming bearish momentum. The RSI hovered around 31–35 in the latter half of the day, signaling oversold conditions but with little sign of a reversal. Bollinger Bands displayed a contraction in the early morning, followed by a breakout to the downside after 18:00 ET, confirming bearish bias. Price action settled below the 20-period MA and remained within the lower half of the Bollinger band.

Volume spiked at $0.3056–$0.2994 (18:00–20:00 ET), confirming the bearish breakdown. Turnover increased in tandem with falling price, indicating strong conviction in the move lower. Divergence was observed in the last 3–4 hours, where the price continued lower but volume showed signs of exhaustion. Fibonacci retracement levels showed key support at 0.2980 (61.8%) and 0.3021 (38.2%), with the current close near the 61.8% level.

Backtest Hypothesis

The described backtest strategy aligns with the observed bearish momentum and key support levels. A sell-entry rule could trigger at the 61.8% Fibonacci level ($0.2980), with a stop-loss above the 38.2% level ($0.3021). A target could be set below the next Fibonacci level or at the recent low from earlier in the week. The MACD and RSI would serve as confirmation tools, with RSI staying below 40 and MACD remaining negative reinforcing the strategy. The large volume on the breakdown candle also supports a bearish bias, making this a viable short-term trading approach for the next 24 hours.