Market Overview for dYdX/Tether (DYDXUSDT) – 2025-10-09 24-Hour Analysis

• dYdX/Tether (DYDXUSDT) opened at $0.5949 and closed at $0.5601, with a 24-hour range of $0.5608–$0.6062.
• Price formed bearish engulfing patterns and key support was identified near $0.5917–$0.5942 and $0.571.
• Volatility expanded early, then contracted after midday, with volume peaking near $0.6087.
• RSI reached overbought levels early and fell to oversold levels by the end of the day.
• Turnover hit $3.6M on the bullish breakout but dropped sharply after 20:00 ET, signaling reduced conviction.

The dYdX/Tether (DYDXUSDT) pair opened at $0.5949 on 2025-10-09 and closed at $0.5601 after 24 hours, with a high of $0.6062 and a low of $0.5608. Total volume amounted to approximately 26.7 million tokens, and notional turnover reached $16.6 million. Price action was bearish throughout the day, with early volatility followed by a slow consolidation into a lower range.

Structure & Formations

Price formed a bearish engulfing pattern around $0.605–$0.608, confirming a shift in sentiment from bullish to bearish. A doji appeared near $0.5926 at 16:30 ET, signaling indecision. Key support levels formed at $0.5917–$0.5942 and $0.571, while resistance was observed at $0.598–$0.602. These levels could act as potential reversal triggers in the near term.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were both bearish, with price closing below both at the end of the day. On the daily chart, the 50-period SMA sat at ~$0.598, the 100-period at ~$0.604, and the 200-period at ~$0.607. Price closed below the 50 and 100 SMA but above the 200, suggesting a moderate bearish bias over the longer term.

MACD & RSI

The MACD line showed a bearish crossover in the early hours, with negative momentum accelerating after 18:00 ET. RSI started the day overbought (above 70) but dropped sharply to oversold levels (below 30) by 09:00 ET, indicating a strong bearish phase. The divergence between bullish RSI and bearish price action suggests the market may lack follow-through on any short-term rebounds.

Bollinger Bands

Bollinger Bands expanded sharply during the early bullish breakout, reaching a width of ~$0.013, before narrowing to ~$0.003 by 18:00 ET. Price closed near the lower band at $0.5601, indicating bearish exhaustion. If price fails to retest the middle band, the next leg down could target the 38.2% Fibonacci level at $0.556.

Volume & Turnover

Volume spiked during the bullish breakout around 17:30 ET (192,489 tokens) and again during the bearish breakdown at 02:45 ET (370,032 tokens). However, by 20:00 ET, volume had fallen significantly despite continued price declines, suggesting weakening bearish conviction. Turnover confirmed volume peaks, with the largest at $3.6 million during the $0.6062 high.

Fibonacci Retracements

The 15-minute chart saw a key 61.8% retracement at $0.5915–$0.5942, which held as support in the late hours. On the daily chart, the 50% and 38.2% retracement levels are at $0.598 and $0.556 respectively. If the current bearish move extends beyond $0.556, a test of the 61.8% level at $0.556 could follow.

Backtest Hypothesis

The backtesting strategy proposes entering short positions on a 15-minute chart when price breaks below a 50-period SMA and RSI falls below 30, with a stop-loss placed at the most recent swing high. A take-profit target is set at 61.8% of the retracement level from the recent high. Given today’s price action and RSI behavior, the strategy would have triggered short entries multiple times, particularly around 18:00–21:00 ET. However, the declining volume after 20:00 ET raises questions about the reliability of stop-loss placements, suggesting additional volume filtering may improve performance in future executions.