Market Overview for IDEX/Tether (IDEXUSDT) as of 2025-11-08

Summary• Price fluctuated within a 0.0185–0.0195 range, closing near 0.01906 after a late session pullback.
• Volume and turnover were mixed, with late-night divergence hinting at reduced conviction.
• A failed bullish breakout above 0.01925 and a bearish reversal candle emerged near session highs.

IDEX/Tether (IDEXUSDT) opened at 0.01869 on 2025-11-07 at 12:00 ET, reached a high of 0.01954, and closed at 0.01906 at 12:00 ET the next day. The 24-hour trading period saw a total volume of 21,228,853.9 and a notional turnover of $399,147.35. The pair traded in a tight range with late-day volatility.

Structure & Formations

The 15-minute chart showed a series of bullish and bearish candles forming a flag pattern between 0.0190 and 0.0195. A strong bearish reversal candle at 0.01953 confirmed a potential short-term topping pattern. Key support levels were observed at 0.0190 and 0.0188, with a failed rebound from 0.01925 indicating bearish pressure. A bullish engulfing pattern briefly appeared in the afternoon but failed to sustain.

Moving Averages

On the 15-minute chart, the 20-period MA hovered just below the 50-period MA, indicating a neutral to slightly bearish bias. On the daily chart, the 50-period MA crossed above the 100-period MA but was met with resistance around 0.0192. The 200-period MA remained a strong support at 0.0190–0.0189.

MACD & RSI

The 15-minute MACD showed a bearish crossover with the histogram shrinking, signaling waning momentum. RSI entered overbought territory twice during the session but failed to break 60, indicating a potential reversal. The RSI has since corrected and now sits in neutral territory (~47), suggesting a balanced market.

Bollinger Bands

Price action remained tightly within the Bollinger Bands throughout the session, with a brief expansion near the 0.0195 level. The bands are now contracting again, suggesting a potential breakout or breakdown in the near term.

Volume & Turnover

Volume spiked during the 18:15–18:45 ET period, reaching ~375,524.6 in one 15-minute interval. However, this was not confirmed by price action, which reversed shortly after. Late in the session, volume dropped below average, while turnover remained steady. This divergence may indicate reduced conviction among traders.

Fibonacci Retracements

On the 15-minute chart, the 38.2% and 61.8% Fibonacci levels aligned with key support levels at 0.0190 and 0.0188 respectively. The 61.8% level failed to hold on the first attempt, and price retested it a second time with limited buying interest.

Backtest Hypothesis

A potential backtest could evaluate the performance of the bullish engulfing pattern using a holding period of three trading days. Given IDEXUSDT’s recent price behavior, including a bearish reversal and failed breakout, the pattern’s reliability on this pair might be questionable. However, using a larger sample of data from similar market conditions could help validate its predictive power. The strategy could be benchmarked against a broad crypto market ETF like HOLD.P to assess relative performance.