Market Overview for Perpetual Protocol/Tether (PERPUSDT) on 2025-09-18

• Perpetual Protocol/Tether (PERPUSDT) rose 1.47% over the past 24 hours, closing near the session high.
• Key support at 0.2640 and resistance near 0.2685 defined intraday range.
• Volume surged in the 15–22 UTC period amid bullish momentum.
• RSI and MACD showed moderate overbought conditions with no clear divergence.
• Bollinger Bands tightened ahead of the final push above 0.2665.

Price Action and Key Levels

Perpetual Protocol/Tether (PERPUSDT) opened at 0.2568 on 2025-09-17 12:00 ET and closed at 0.2666 by 12:00 ET the following day, hitting a high of 0.2683 and a low of 0.2550. The 24-hour volume totaled 1,158,897.58 and turnover reached $304,963.86. Key support levels emerged near 0.2640 and 0.2610, with resistance forming at 0.2665–0.2685. A bullish engulfing pattern developed after 03:00 UTC as price broke above the 0.2660 psychological level. A morning pullback to 0.2640 failed to break below, suggesting a short-term bullish bias.

Structure and Candlestick Patterns

Multiple bullish signals emerged in the late night and early morning hours, including a bullish engulfing pattern at 03:15 UTC and a higher high with a long upper shadow at 04:30 UTC, which hinted at buyer fatigue. Doji appeared around 05:15 UTC and 09:45 UTC, suggesting indecision before price resumed its upward bias. The formation of a bullish flag pattern between 05:00 and 06:00 UTC also supported the continuation of the uptrend.

20/50 and 50/100/200 Moving Averages

On the 15-minute chart, price closed above both the 20- and 50-period moving averages, which aligned with the recent bullish bias. On the daily chart, the 50-period MA remained above the 100 and 200-period MAs, reinforcing a medium-term bullish setup.

MACD and RSI

The 15-minute MACD turned positive after 03:00 UTC and held above the zero line through the morning session, confirming ongoing bullish momentum. RSI reached overbought territory at 72–75 levels after 04:00 UTC but failed to trigger a reversal, suggesting sustained demand. No clear divergence formed between price and RSI, indicating strong alignment between momentum and price.

Bollinger Bands

Bollinger Bands tightened between 03:00 and 04:30 UTC before a breakout above the upper band occurred, signaling a potential continuation move. Price closed near the upper band at 0.2666, indicating stretched conditions. A retest of the 0.2640 lower band may occur before the next directional move.

Volume and Turnover

Volume surged between 03:15 and 05:00 UTC with a cumulative total of 210,000 contracts traded, confirming the breakout. Turnover spiked as price moved from 0.2620 to 0.2665, with the largest spike occurring at 04:30 UTC. A divergence between volume and price did not appear, suggesting strong conviction in the move.

Fibonacci Retracements

Fibonacci levels applied to the 0.2550–0.2683 swing showed the 0.2665 price aligning with the 61.8% retracement, indicating a potential exhaustion level. A pullback to the 50% level at 0.2616–0.2617 may be expected before further momentum can be confirmed.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on a bullish engulfing pattern confirmation, with a stop-loss set below the pattern's low and a target near the 61.8% Fibonacci retracement level. The MACD crossing above the zero line and RSI crossing into overbought territory could act as additional filters to confirm the setup. Exit the trade upon a close below the 20-period moving average or a divergence forming in RSI.