Market Overview for Hooked Protocol/Tether (HOOKUSDT)

• Price declined from 0.0972 to 0.0921, ending 5.2% lower in 24 hours with strong bearish momentum.
• RSI and MACD confirmed oversold conditions, though price remains below key moving averages.
• Bollinger Band contraction and volume surges suggest potential volatility or reversal setup.
• A 0.0910–0.0925 support zone formed; a break could trigger further declines toward 0.0905.
• Divergence between volume and price action hints at possible near-term exhaustion in the bearish trend.

The 24-hour session for Hooked Protocol/Tether (HOOKUSDT) saw a price drop from 0.0966 at 12:00 ET−1 to 0.0921 at 12:00 ET, with a high of 0.0972 and a low of 0.0905. Total trading volume across 15-minute candles was ~8.15 million units, and notional turnover was ~$737,000. The bearish bias was reinforced by a sequence of large bodies and long lower wicks, especially during the early afternoon session.

Structure & Formations

The chart shows a clear bearish bias over the past 24 hours, with HOOKUSDT forming a descending trendline from 0.0972 down to 0.0905. Key support levels are forming near 0.0910 and 0.0925, with a potential 0.0938–0.0944 resistance cluster. A notable bearish engulfing pattern appeared at the 19:00–19:15 ET timeframe, followed by a doji at 04:45 ET, signaling possible short-term exhaustion. The price action appears to be in a consolidation phase near the 0.0920–0.0925 level, with a potential break lower expected to confirm a continuation of the downtrend.

Moving Averages

On the 15-minute chart, price has been below the 20-EMA and 50-EMA for most of the session, with both lines trending downward. The 50-period MA currently sits at ~0.0935, while the 100-period MA on the daily chart is near 0.0940. This indicates a strong bearish alignment across timeframes. The 200-period MA remains a critical psychological marker at ~0.0945, with a break below 0.0910 expected to confirm a deeper bearish shift.

MACD & RSI

The MACD histogram remained negative for the majority of the session, with the line trending downward and the signal line lagging behind, suggesting weakening momentum. The RSI hit a low of ~28 at 10:30 ET and remained in the oversold territory for much of the session, reaching a 24-hour low of 22. However, the lack of a strong bounce from these levels points to weak buying pressure. A move back above 30 on the RSI could signal a temporary pullback, but without confirmation from the price action, it would likely be bearish in nature.

Bollinger Bands

Bollinger Bands have been relatively wide for much of the session, with the price often touching or breaking below the lower band, especially after 19:00 ET. A notable contraction occurred briefly around 02:00–03:00 ET, which could precede a directional move. Currently, price is sitting near the lower band once more, suggesting a continuation of the bearish trend is probable unless a strong reversal pattern emerges.

Volume & Turnover

Volume spiked during the 05:00–06:00 ET and 09:45–10:00 ET periods, aligning with key price declines. The 24-hour volume of ~8.15 million units was well above the 15-day average, and the notional turnover of ~$737,000 was also higher than normal for this pair. However, there was a notable divergence between volume and price after 06:00 ET, with decreasing volume on deeper declines suggesting potential exhaustion in the bearish move.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from 0.0972 to 0.0905, the 38.2% level is at ~0.0938, the 50% at ~0.0938, and the 61.8% at ~0.0944. Price has tested the 38.2% level multiple times but failed to hold it. A bounce from the 61.8% level could signal a short-term reversal, but a failure to hold above 0.0938 would likely reinforce bearish momentum.

Backtest Hypothesis

Given the current setup, a potential backtesting strategy could involve a short bias with a stop above the 0.0945 resistance level and a take-profit target at 0.0905, using the 20-EMA and RSI as exit signals. Traders could look to re-enter long positions on a bullish breakout above 0.0944, confirmed by a close above the 50-EMA and a RSI rebound above 50. The strategy would benefit from using Bollinger Band contractions as entry triggers, with volume as a confirmation filter. A trailing stop could be applied on strong pullbacks to lock in gains while maintaining exposure to potential reversals.