Market Overview for FTX Token/Tether (FTT/USDT): September 25, 2025

• FTT/USDT opened at 0.9653 and closed 24 hours later at 0.8900, with a high of 1.0326 and a low of 0.8795.
• Price formed a bearish continuation pattern with volume surging to 102,007.87 at the 24-hour close.
• RSI dipped into oversold territory below 30, indicating potential for a short-term bounce.
• Bollinger Bands show wide expansion, signaling heightened volatility over the past 24 hours.
• Turnover exceeded $124.6M, with price-volume divergence suggesting mixed sentiment.

FTX Token/Tether (FTT/USDT) opened at 0.9653 on September 24 at 12:00 ET and closed at 0.8900 by 12:00 ET on September 25. The pair reached a 24-hour high of 1.0326 and a low of 0.8795. Total volume for the period was 10,2007.87, while total turnover exceeded $124.6M. The price action reflects a bearish continuation of a larger downward trend.

Structure & Formations

The 24-hour chart reveals a bearish structure with key resistance levels forming around 1.03–1.04 and strong support near 0.87–0.88. A notable bearish engulfing pattern appeared during the 01:30–01:45 ET time frame, confirming a sharp sell-off. A long lower shadow on the candle around 12:15 ET suggests some buying pressure, but it was quickly overwhelmed by bearish momentum. A doji at 09:30 ET also indicates indecision in the market before the final leg down.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have both crossed below the price, reinforcing the bearish bias. The 50-period moving average crossed below the 20-period line in the late evening, signaling a bearish crossover. On the daily chart, the 50/100/200-day moving averages are in a steeply declining alignment, with FTT/USDT trading well below all of them, suggesting a continuation of the downtrend is likely.

MACD & RSI

The MACD line has remained negative for most of the 24-hour period, with the histogram showing increasing bearish momentum as the market declined toward the end. The RSI dipped into oversold territory below 30 for the first time in several hours near the 12:00 ET close, suggesting a potential short-term bounce may be near. However, the depth of the oversold level indicates a larger retracement is unlikely without strong positive catalysts.

Bollinger Bands

Bollinger Bands have widened significantly in the past 24 hours, indicating heightened volatility. The price has spent most of the session outside the upper and lower bands, with a brief contraction near 18:00 ET. This contraction could be a false positive for a reversal, but the subsequent move lower suggests continuation is more likely. The most recent candle closed near the lower band, reinforcing the bearish bias.

Volume & Turnover

Volume and turnover spiked during the 01:30–02:30 ET window, with the largest turnover recorded at 151,409.09 at 04:00 ET. The price-volume relationship shows some divergence, with price falling while volume remains elevated—suggesting exhaustion in the bearish move. However, the final hour (12:00 ET) saw a sharp increase in volume, reinforcing the downward move and indicating strong bearish conviction.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from 1.0326 to 0.8795, the 38.2% level is near 0.952, and the 61.8% level is near 0.910. The 24-hour close at 0.890 is very close to the 61.8% level, suggesting a potential pause in the decline. However, given the depth of the downtrend and the volume dynamics, a break below the 61.8% level could see price heading toward the next key support near 0.85–0.86.

Backtest Hypothesis

A potential backtesting strategy could leverage the observed bearish engulfing pattern and RSI oversold bounce as entry signals for short positions. A short bias could be triggered when the RSI drops below 30 and is confirmed by a bearish engulfing pattern or a breakdown below the 61.8% Fibonacci retracement level. Stops could be placed above a recent swing high, while take-profit targets could be set at the next support level near 0.85–0.86. This approach would aim to capture continued bearish momentum while managing risk with a defined stop-loss.