Market Overview for Hooked Protocol/Tether (HOOKUSDT) – 2025-10-23

• Price declined 9.5% from $0.0661 to $0.0640 over 24 hours, with bearish momentum intensifying after 18:00 ET.
• Volume spiked to 1.39 million at 21:15 ET, coinciding with a sharp drop of -2.3%.
• RSI remained below 30 for most of the session, indicating potential oversold conditions.
• Price found a short-term floor at $0.0601–$0.0614 before stabilizing above $0.0635.

Price Action and Structure

Hooked Protocol/Tether (HOOKUSDT) opened at $0.0661 on 2025-10-22 at 12:00 ET and fell steadily throughout the session, closing at $0.0640 by 12:00 ET on 2025-10-23. The 24-hour candle formed a large bearish structure, reaching a low of $0.0601 before consolidating above $0.0635. Key support levels appeared at $0.0635 and $0.0623, with resistance forming near $0.0645–$0.0647. A bearish engulfing pattern was observed around 21:15 ET, which coincided with a sharp sell-off and a spike in volume.

Momentum and Volatility

The 15-minute RSI remained below 30 for most of the session, indicating prolonged bearish pressure, with occasional bounces to the 40–45 level failing to sustain momentum. MACD showed bearish divergence in the final hours, with both the line and signal line trending downward. Bollinger Bands expanded significantly during the 21:15 ET candle, reflecting heightened volatility, while price remained in the lower half of the bands for much of the session.

Volume and Turnover

The highest volume candle occurred at 21:15 ET, with 1.39 million contracts traded during the -2.3% price drop. This coincided with a large bearish reversal, suggesting strong distribution pressure. Total 24-hour volume reached 8.36 million, while turnover amounted to $551,000. Price and volume moved in alignment for most of the session, but a divergence was noted at the end of the day, with volume declining despite continued bearish action.

Backtest Hypothesis

A potential backtesting approach involves identifying Bullish Engulfing patterns in the daily price action of HOOKUSDT and testing their profitability. While the provided data does not cover daily OHLCV for this symbol, historical detection and event-based backtesting—such as buying at the next day’s open and holding for one trading day—could be conducted with valid data. Once the data discrepancy is resolved (via symbol confirmation, a CSV/Excel file, or a proxy symbol), the test can include hit-rate analysis, average/median returns, and a visual P&L curve for clearer insight into the pattern’s effectiveness.