Market Overview for FTX Token/Tether (FTTUSDT): 24-Hour Technical Summary

• FTX Token/Tether fell 0.9% in 24 hours, closing near the day’s low, with bearish momentum and weak volume.
• Price broke below key support at 0.8925, confirming a short-term downtrend with RSI in oversold territory.
• Volatility expanded on falling prices, with Bollinger Bands widening, signaling a possible consolidation phase.
• A bearish engulfing pattern formed at 0.9036–0.8925, reinforcing a potential test of 0.88–0.87 support levels.
• Turnover was uneven, with sharp declines in the early hours and a modest rebound in the final 4 hours.

The FTX Token/Tether (FTTUSDT) pair opened at 0.9123 on 2025-11-02 at 12:00 ET, peaked at 0.925, and closed at 0.8319 at 12:00 ET the following day, with total trading volume of 2,816,638.94 and turnover of $2,345,832.92. Price action over the 24-hour period was bearish, with a strong breakdown below key support levels and minimal bullish follow-through.

A bearish engulfing pattern formed on 2025-11-02 at 17:00 ET, confirming a shift in sentiment. The RSI indicator, currently at 28.3, signals oversold conditions, though this may not guarantee a rebound. The 20-period and 50-period moving averages on the 15-minute chart remained bearishly aligned, with price trading below both. On the daily timeframe, the 200-period SMA acts as a significant psychological support near 0.86–0.85.

Bollinger Bands widened throughout the session, indicating increased volatility. Price traded near the lower band for much of the period, a bearish sign. A 0.618 Fibonacci retracement level at 0.8925 was decisively broken, opening the door to a test of 0.88–0.87. Volume was uneven, with a sharp drop in the early morning hours followed by a modest increase in late ET time.

Looking ahead, a retest of the 0.87–0.86 level is likely, though a break below 0.85 could accelerate the downtrend. A consolidation phase is possible due to the oversold RSI and bearish engulfing pattern. However, traders should remain cautious of a false breakout or a sharp sell-off if volume fails to confirm the move lower.

The backtest hypothesis focuses on a short-term mean-reversion strategy that leverages the RSI and Bollinger Bands as entry and exit signals. The strategy assumes that after a strong overextension into oversold territory (RSI < 25) and a price near the lower Bollinger Band, a bounce back toward the 20-period moving average may occur. A long entry is triggered when RSI crosses above 25 and price closes above the lower band, with a stop-loss placed below the most recent 15-minute low. The take-profit target is set at the 20-period MA or the nearest Fibonacci retracement level. This approach would benefit from a defined risk-reward ratio and would need to be tested against a full historical dataset for validation.