Market Overview for Perpetual Protocol/Tether (PERPUSDT) as of 2025-09-24

• Price closed down 1.36% from the prior 24-hour high.
• Volatility expanded in the early session before narrowing late.
• Volume surged during the bullish leg but waned in the final hours.
• RSI approached overbought levels but failed to confirm a strong move.
• Bollinger Bands showed a recent squeeze followed by a breakout attempt.

Perpetual Protocol/Tether (PERPUSDT) opened at 0.2724 on 2025-09-23 at 12:00 ET, reached a high of 0.2859, and closed at 0.2852 by 12:00 ET on 2025-09-24. The total volume over the 24-hour period was approximately 8,681,648.04, with a notional turnover of about $2,476,540.08.

Structure & Formations

The price action over the past 24 hours showed a series of alternating bullish and bearish swings, with a notable breakout attempt in the early morning hours. A strong bullish engulfing pattern formed around 03:45–04:00 ET, followed by a bearish reversal at 06:15–06:30 ET. A key support level appears to be forming at 0.2780–0.2785, which has been tested multiple times. Resistance is currently at 0.2850–0.2855, where price appears to face a temporary ceiling.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are bullish, with price maintaining above both for much of the session. However, the 50-period line has started to catch up with the 20-period line, suggesting a potential slowdown in momentum. On the daily chart, price remains above the 50- and 200-period moving averages, indicating medium-term bullish bias.

MACD & RSI

The MACD line crossed above the signal line early in the session, confirming a short-term bullish momentum, but has since weakened. RSI reached a peak of 63, suggesting a moderate overbought condition but not a critical one. A bearish divergence between price and RSI in the final hours suggests weakening momentum and a possible pullback.

Bollinger Bands

Volatility expanded in the early hours, with the bands widening significantly following the bullish engulfing pattern. Price traded near the upper band between 05:00–07:00 ET, indicating strength. In the last 6 hours, volatility has contracted again, and price now appears to be consolidating within the bands, suggesting an accumulation phase ahead of the next directional move.

Volume & Turnover

Volume spiked during the morning hours, particularly between 03:45–06:30 ET, with large notional turnover indicating strong participation. The volume profile has since tapered off in the final hours, even as price has made a retest of the 0.2850 level. A divergence between price and volume raises caution about the sustainability of the current level.

Fibonacci Retracements

Key Fibonacci levels for the 15-minute swing from 0.2760 to 0.2859 include 38.2% at 0.2827 and 61.8% at 0.2805. Price has shown resistance at 0.2852, which is near the 0.2859 swing high, suggesting a potential pause or retest. Daily Fibonacci levels indicate a possible support at 0.2755–0.2760, which has been a recurring area of interest.

Backtest Hypothesis

A potential backtest strategy could involve using the 20/50-period moving average crossover on the 15-minute chart as an entry trigger, combined with RSI divergence as a confirmation filter. Given the recent bullish momentum and the current overbought RSI levels, a bearish bias may be appropriate for the next few hours. A sell signal could be initiated when RSI drops below 50 and the 50-period line crosses below the 20-period line, with a stop above the 0.2860 level to protect against false breakouts.

Price may face near-term pressure to retest the 0.2800–0.2810 range in the coming 24 hours. A break below 0.2785 could open the door to further consolidation or bearish momentum. Investors should remain cautious of volatility divergence and volume contraction signals, which may signal a potential reversal.