Market Overview for Perpetual Protocol/Tether (PERPUSDT) on 2025-11-06

Summary
• Price declined from 0.1409 to 0.1318 on high volatility and declining momentum.
• Volume spiked during the 24-hour window, especially during the early morning ET.
• RSI indicates oversold conditions toward the session close, suggesting potential reversal.
• Bollinger Bands show price tightening toward the lower band, signaling a potential rebound.
• Key support now at 0.1308, with resistance forming near 0.1345.

Perpetual Protocol/Tether (PERPUSDT) opened at 0.1409 on 2025-11-05 at 12:00 ET and closed at 0.1318 on 2025-11-06 at 12:00 ET. The price traded as high as 0.1413 and as low as 0.1277. Total volume for the 24-hour period was 3,613,851.79, while total turnover was $469,875.64. The pair has shown increased volatility and mixed momentum signals.

Structurally, the pair has broken through key support levels, forming a descending trend. Notable bearish formations include long lower wicks and inside bars, particularly in the early morning hours, signaling selling pressure. The 20-period and 50-period moving averages on the 15-minute chart are both bearish, while the daily 50/100/200 EMA cluster suggests the price is below its long-term average, indicating further downside risk.

The RSI has entered oversold territory near 28 by the close, hinting at a potential short-term bounce. However, the MACD histogram has remained negative for most of the session, suggesting bearish momentum persists. Bollinger Bands are currently compressed, especially during the overnight hours, with price testing the lower band. A break above the 0.1331 level would signal a potential reversal of the bearish bias.

Volume has been uneven but spiked during key declines, particularly around 02:30 and 04:00 ET. Notional turnover increased alongside these declines, supporting the bearish bias. Divergence between price and volume is not evident, indicating a coherent bearish trend. Fibonacci retracement levels at 0.1308 (38.2%) and 0.1326 (61.8%) may act as short-term support, with a 50% retracement at 0.1337.

Backtest Hypothesis
A potential backtesting strategy for this asset would involve identifying RSI oversold levels (e.g., below 30) and testing a 5-day hold approach from that point. Historically, a 50-period EMA crossover could serve as an exit trigger if the RSI fails to confirm a bullish reversal. This strategy could be refined using PERPUSDT's actual daily close prices to compute RSI and EMA, assuming the data becomes available. Alternatively, using a proxy like PERP/USDC or the PERP spot token could allow for a viable backtest if the exact pair remains unavailable.