Market Overview for IOST/Tether (IOSTUSDT) – 24-Hour Summary

• IOST/Tether traded in a narrow range, failing to break above 0.00238 or below 0.002251.
• Price formed a bearish inside bar pattern mid-session, followed by a retest of key support.
• Turnover surged in the overnight hours before consolidating with lower volume in the AM.
• RSI remained in mid-range territory, suggesting no clear overbought or oversold momentum.
• Bollinger Band contraction suggests potential for a breakout or reversal in the near term.

IOST/Tether (IOSTUSDT) opened at 0.00238 at 12:00 ET–1 on October 22 and traded between 0.002251 and 0.002383 over the next 24 hours, closing at 0.002372 at 12:00 ET on October 23. Total volume reached 112,645,806 IOST, with a notional turnover of $265,499, based on USDT prices.

The 15-minute chart shows a prolonged consolidation phase after a sharp drop in the early hours. The price tested a key support level at 0.002335–0.002340 multiple times before stabilizing. A bearish inside bar pattern emerged around 19:00 ET, followed by a retest that failed to break through. The RSI remains in neutral territory, with no clear indication of overbought or oversold conditions. Moving averages on the 15-minute chart show price trading below the 50-period line, suggesting bearish pressure, but with no clear divergence from volume.

Bollinger Bands show a recent tightening in volatility, particularly between 00:00 and 04:00 ET, which may precede a breakout. The upper band peaked at 0.002385, while the lower band dropped to 0.002320. Price is currently near the middle band, with no immediate bias. Fibonacci retracement levels from the prior 24-hour move suggest key support at 0.002335 (61.8%) and resistance at 0.002380 (38.2%).

Looking ahead, the next 24 hours may see a breakout from the consolidation if volume increases. A break above 0.00238 would target 0.00239–0.00241, but a retest of 0.002335 could reignite selling pressure if momentum fails to confirm.

Backtest Hypothesis

The proposed backtesting strategy relies on identifying periods when IOST/USDT was overbought or oversold using the 14-period RSI. Unfortunately, the inability to retrieve the RSI series from the data provider limits the ability to automate this strategy. A manual approach would require a curated list of RSI(14) < 30 and RSI(14) > 70 timestamps since 2022 to simulate entry and exit points. Alternatively, testing the strategy using a different identifier—such as “IOST-USD” or “IOST/USDT”—could bypass the API issue. If these options are not viable, the backtest would need to be implemented with manually provided RSI trigger dates, allowing for a precise and replicable strategy evaluation.