Market Overview: OpenLedger/Tether (OPENUSDT) – 2025-09-13

• Price surged past 0.9400 on elevated volume before consolidating around 0.9815.
• RSI signaled overbought territory midday, with a pullback into mid-0.97 range.
• Volatility expanded through Bollinger Bands, with a final close near the upper band.
• Notable 15-minute bullish engulfing and bearish harami patterns marked key inflections.

At 12:00 ET-1, OpenLedger/Tether (OPENUSDT) opened at 0.913, hit a 24-hour high of 0.9541, a low of 0.8957, and closed at 0.9815 by 12:00 ET. Total volume across the 24-hour period reached 90,949,410.3 with a turnover of 90,138,747.96 USDT. The pair exhibited strong intraday momentum and volatility, marked by multiple turning points.

Structure & Formations

Price broke above a key 0.9400 psychological level following a bullish engulfing pattern at 15:15 ET, signaling a shift in momentum. A bearish harami formed at 19:45 ET as a potential reversal cue, but longs retook control. A notable doji appeared at 00:15 ET as the first sign of indecision. Key support levels identified include 0.9000 and 0.8950, while 0.9350, 0.9500, and 0.9600 appear as strong resistances.

Moving Averages

On the 15-minute chart, the price closed above both the 20-period (0.9715) and 50-period (0.9765) moving averages, reinforcing the bullish momentum. On the daily chart, it sits above the 50-period (0.9100) and 100-period (0.8975) but below the 200-period (0.8830), suggesting a longer-term uptrend remains intact.

MACD & RSI

The MACD histogram showed positive divergence starting at 08:00 ET, with the line crossing above the signal line around 10:00 ET, confirming bullish strength. RSI reached overbought territory (72) at 15:15 ET and pulled back into neutral territory by 16:00 ET. A subsequent bearish divergence occurred at 20:00 ET, hinting at potential short-term reversal.

Bollinger Bands

Volatility expanded significantly during the session, with the upper band reaching 0.9650 and the lower band at 0.9050. Price spent most of the session outside the upper band, indicating high volatility and strong bullish participation. The final close at 0.9815 sits just above the upper band, suggesting a continuation or potential consolidation may follow.

Volume & Turnover

Volume spiked to 3.455 million at 15:30 ET, correlating with the 1.0050 high, and remained elevated through the afternoon. Turnover confirmed the strength of buying pressure, with no significant divergences between volume and price during the key moves. The largest single candle, at 15:15 ET, contributed 2.006 million volume and 1.968 million turnover.

Fibonacci Retracements

A 0.9400–0.9857 swing shows 0.9600 as a 38.2% retracement and 0.9500 as a 61.8% retracement level. On the daily chart, 0.9350 and 0.9175 align with key 38.2% and 61.8% levels from the 0.8957–0.9541 move, respectively. These levels could serve as important support or resistance for the next 24 hours.

Backtest Hypothesis

Using a strategy that enters long on bullish engulfing patterns followed by a close above the 50-period moving average and exits on bearish harami or RSI overbought divergence, the model could have captured the 0.913–0.9857 rally. A stop loss at 0.9300 and a target at 0.9650 would align with key Fibonacci and Bollinger Band levels. Given the current structure, a similar setup may repeat near 0.9800 if a pullback triggers a bullish reversal pattern and confirms above the 50-period MA.