Market Overview for Flamingo/Tether (FLMUSDT)

• Price fluctuated between 0.0234 and 0.0244, closing near 0.0216 with bearish momentum.
• High volume spikes observed during early-morning and afternoon sessions, signaling key turning points.
• RSI and MACD suggest oversold conditions, but price remains below 20-day MA.
• Volatility expanded sharply overnight, with Bollinger Bands showing significant widening.
• Fibonacci 61.8% level at 0.0231 appears as key support for potential short-term bounce.

Flamingo/Tether (FLMUSDT) opened at 0.0234 on 2025-11-02 at 12:00 ET and closed at 0.0216 on 2025-11-03 at 12:00 ET, reaching a high of 0.0246 and a low of 0.0203. The total trading volume over the 24-hour window was 85,222,912.0 units, with a notional turnover of $1,918,000. The pair experienced a sharp selloff, particularly after 02:45 ET, with a notable bearish reversal pattern forming near the 0.0240 level.

Structure & Formations

The price action shows a distinct bearish structure, with key resistance forming around the 0.0240–0.0246 range. This level failed to hold, suggesting further downside potential. A series of dark cloud cover and engulfing patterns were observed during the early morning hours, indicating strong bearish sentiment. Key support levels have emerged at 0.0231 (Fibonacci 61.8%) and 0.0229, with the latter recently tested and broken. A bearish divergence formed between price and volume as the selloff accelerated after 03:00 ET, signaling potential continuation of the downtrend.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both bearishly aligned, with the 20SMA pulling back below the 50SMA, suggesting bearish momentum. The daily chart shows the price well below the 50, 100, and 200-day MAs, which are currently at 0.0234, 0.0236, and 0.0240, respectively. This confirms that FLMUSDT is in a medium-term bearish phase.

MACD & RSI

The MACD histogram has turned negative and is trending lower, with both the MACD line and signal line in bearish crossover. The RSI has fallen into oversold territory at 28, suggesting a potential bounce is not out of the question. However, this level has been tested twice without a clear reversal, indicating a higher likelihood of further consolidation or continuation of the downtrend. A bearish divergence in RSI from late morning to afternoon also suggests caution around further upside attempts.

Bollinger Bands & Volatility

Bollinger Bands have widened significantly overnight, reflecting heightened volatility. The price has spent the majority of the day inside the lower band, reinforcing bearish momentum. A contraction was observed briefly between 07:00 and 09:00 ET, suggesting a potential moment of consolidation, but price failed to break back into the band’s middle. The widening bands indicate an environment where breakout strategies may be more viable.

Volume & Turnover

Volume spiked dramatically during the early morning hours, particularly between 03:00 and 04:00 ET, when the price broke below 0.0234. This surge in volume confirmed the bearish breakdown. Later in the morning, volume decreased as the price continued lower, suggesting reduced conviction from traders. Notional turnover remained elevated during the key selloff, reinforcing the bearish narrative.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing (0.0246 to 0.0203), the 38.2% and 61.8% retracements are at 0.0234 and 0.0231, respectively. The price has already tested and broken through the 61.8% level, which now acts as a key psychological support. On the daily chart, the Fibonacci retracement from the prior 30-day high at 0.0255 to the recent low of 0.0203 shows a 38.2% retracement at 0.0239 and 61.8% at 0.0230—both now critical levels for near-term direction.

Backtest Hypothesis

The backtesting strategy described appears to focus on detecting RSI oversold conditions and MACD bottom divergence, both of which are present in the recent FLMUSDT data. Given the current bearish momentum, a buy signal based on RSI alone might be premature unless accompanied by strong volume confirmation. The MACD bottom divergence, however, could suggest a potential short-term bounce. A backtest would need to consider entry filters such as volume spikes and price action patterns (e.g., bullish engulfing) to avoid false signals. A multi-timeframe approach combining daily and 15-minute indicators could improve the accuracy of this strategy.