Market Overview: FTX Token/Tether (FTTUSDT) on 2025-10-23

• FTX Token/Tether (FTTUSDT) traded in a narrow range for most of the day before surging over 9.5% in the last 3 hours of the 24-hour period.
• Price found support at 0.765–0.769 and resistance at 0.775–0.780 levels multiple times, with a breakout above 0.80 in the final candle.
• High volatility spiked in the last 90 minutes, with over $195,000 in notional volume traded in a single 15-minute candle.
• Relative strength index (RSI) and MACD suggest short-term overbought conditions, with momentum favoring bullish continuation.
• Volume and turnover trends indicate accumulation on the upside, with positive price-volume divergence in the final hours.

At 12:00 ET–1, FTTUSDT opened at 0.7783 and closed at 0.8464 by 12:00 ET, hitting a high of 0.8609 and a low of 0.7612 over the 24-hour period. Total volume amounted to 1,201,928.13 units, with a turnover of $846,802. The asset showed a strong reversal from earlier bearish pressure, with key support and resistance levels tested multiple times throughout the day.

The structure of the 24-hour OHLCV data reveals a series of bearish and bullish consolidations, with a notable bearish engulfing pattern around 0.769–0.773, followed by a strong bullish reversal in the final 2.5 hours. A key 15-minute candle (15:30–16:00 ET) saw a sharp 3.8% move upward to a high of 0.8609 on exceptionally high volume (~$448k). This candle closed at 0.8464, which aligns with the 61.8% Fibonacci retracement of the previous 0.7612–0.8024 move, suggesting strong institutional interest.

On the 20- and 50-period moving averages (15-minute chart), FTTUSDT crossed above both lines in the final 3 hours, signaling a short-term bullish shift. Bollinger Bands expanded sharply in the final session, with the price reaching the upper band and showing increased volatility. RSI reached overbought territory in the final hour, but this was confirmed by price action and strong volume, indicating continuation rather than exhaustion.

Volume and turnover surged significantly in the last 90 minutes, especially between 15:00 and 16:00 ET, with a single candle accounting for ~$448k in turnover. This suggests strong accumulation and potential reversal of bearish sentiment. Divergences in volume were evident in the earlier part of the day, with lower volume on bearish closes, but these were reversed as the price surged higher on increasing volume.

Given the strong price reversal and technical alignment with Fibonacci levels and moving average crossovers, a backtest strategy could be constructed using the raw 15-minute OHLCV data. The idea would be to calculate the MACD (12, 26, 9) on local data and identify golden cross events—where the 12-period EMA crosses above the 26-period EMA—triggering a long entry. The trade would be closed at the next candle’s close. This approach avoids reliance on precomputed MACD data and leverages the provided OHLCV to simulate the strategy accurately.

The strategy would begin by computing the EMAs and MACD values manually for each candle, then identifying the exact timestamps when the golden cross occurred. After that, the strategy would be backtested by simulating a “buy on golden cross, sell next candle” approach. This would allow us to test the effectiveness of the momentum signal and assess its profitability over the 24-hour period without requiring external precomputed MACD data.