Market Overview for Epic Chain/Tether (EPICUSDT)

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• Price opened at $1.679 and closed at $1.671 after a 24-hour high of $1.718 and low of $1.655
• Strong bearish momentum emerged in the final hours, with a 3.3% drop in the last 6 hours
• High volatility observed between 02:45 ET and 05:00 ET with a 1.718–1.688 swing and 58,666 volume
• RSI dropped from overbought to neutral, suggesting possible exhaustion in the bullish phase
• Volume spiked to 60,475 at 10:30 ET as price fell toward key support at $1.665

Epic Chain/Tether (EPICUSDT) opened at $1.679 at 12:00 ET-1 and closed at $1.671 by 12:00 ET, with a 24-hour high of $1.718 and low of $1.655. Total volume traded was 586,452, and notional turnover amounted to $984,282. The price action reflected a significant bearish reversal, especially after hitting a key resistance at $1.718, followed by a pullback below key support levels.

Structure & Formations

Price tested and failed at the $1.718 level, forming a bearish engulfing pattern. A doji appeared at $1.701 around 08:45 ET, signaling indecision. Key resistance appears at $1.718–1.704, while support levels are forming at $1.688, $1.676, and $1.665–1.655. The price closed below the $1.688 level, reinforcing bearish sentiment.

Moving Averages

On the 15-minute chart, price closed below both the 20EMA ($1.693) and 50EMA ($1.698), suggesting short-term bearish bias. On the daily timeframe, price is above the 50DMA but below the 200DMA, indicating mixed signals between short and long-term investors.

MACD & RSI

MACD remained bearish, with the histogram shrinking slightly as the bearish crossover persisted. RSI dropped from 68 (overbought) to 52, suggesting momentum has shifted to neutral. A retest of RSI levels above 55 may indicate a short-term rebound.

Bollinger Bands

Volatility expanded around 02:45–05:00 ET, with the price falling from the upper band to the lower band, showing increased bearish pressure. Currently, price is near the lower band, suggesting it is oversold but not yet reaching a traditional overbought/oversold threshold.

Volume & Turnover

Volume surged between 02:45–05:00 ET with a 58,666–60,475 spike as the price dropped from $1.718 to $1.668. Notional turnover peaked at $1.06M at 10:30 ET. Divergence occurred between volume and price, with rising volume not supporting a rally but rather a continued bearish trend.

Fibonacci Retracements

On the 15-minute chart, a key swing from $1.688 to $1.718 saw a 61.8% retracement at $1.699, which held briefly before failing. Daily Fibonacci levels indicate the next key support at 38.2% retracement at $1.684, where the price found temporary relief.

Backtest Hypothesis

The proposed strategy involves shorting on a close below the 20EMA after a bearish engulfing pattern forms near a key resistance level, confirmed by a RSI drop below 55 and volume spike. A stop-loss is placed at the most recent higher high, and the target is the next key Fibonacci support level. Given today’s conditions — a failed test at $1.718, bearish engulfing pattern, and RSI decline — the setup would have triggered a short position between 03:15–03:30 ET with a projected target at $1.665–1.655.