Market Overview for Perpetual Protocol/Tether (PERPUSDT)

• Price surged from 0.2563 to 0.2699 on strong volume, forming bullish momentum.
• 15-minute chart shows multiple bullish engulfing and higher highs above key resistance.
• RSI surged into overbought territory, while MACD shows positive divergence with price.
• Volatility expanded as price tested upper Bollinger Band, suggesting continuation potential.
• Notional turnover spiked 3.5x near 0.2685, confirming strength but hinting at potential exhaustion.

The Perpetual Protocol/Tether (PERPUSDT) pair opened at 0.2563 on 2025-09-17 12:00 ET and closed at 0.2696 by 2025-09-18 12:00 ET. The 24-hour high reached 0.2704, while the low was 0.2552. Total volume amounted to 1,901,846.72 with a notional turnover of 498,203.17 USD, marking a sharp increase from the previous day.

Structure & Formations

Price formed multiple bullish patterns over the past 24 hours, including bullish engulfing from 0.258 to 0.2585 and a strong 15-minute continuation above 0.265. A key support at 0.2624 was tested and held, while resistance at 0.267 was broken out of after a consolidation phase. A doji formed near 0.2681, hinting at a potential pause in the rally, but higher timeframes show no bearish reversal yet.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA (golden cross), reinforcing the bullish trend. Daily MAs show the 50 MA at 0.2635, 100 MA at 0.2618, and 200 MA at 0.2603, with price now above all three, confirming a medium-term bullish bias.

MACD & RSI

MACD shows a healthy histogram expansion with positive divergence as price pulled back near 0.267 and 0.266. RSI reached overbought territory (75+) around 0.2695–0.2704 and is currently at 70, suggesting potential exhaustion. However, the divergence and rising momentum suggest further upside may be possible before a correction.

Bollinger Bands

Volatility expanded significantly as price touched the upper Bollinger Band at 0.2704, a sign of a breakout phase. The width of the bands widened after 18:00 ET, indicating increased market participation. Price has not yet pulled back to the middle band, suggesting continuation is more likely than a reversal.

Volume & Turnover

Volume spiked near key breakout levels, particularly around 0.265–0.2675, with the largest notional turnover at 0.2682–0.2699. Volume and price moved in alignment, confirming the strength of the move. No major divergence is observed, and buying pressure remains consistent across the 24-hour window.

Fibonacci Retracements

Fibonacci levels drawn from the 0.2552 to 0.2704 swing show that price held above the 61.8% retracement level at 0.2633, supporting the bullish case. The 78.6% level at 0.2667 was briefly tested but not broken, suggesting it may serve as the next support if the current rally stalls.

Backtest Hypothesis

A potential backtesting strategy could involve entering long on a bullish engulfing pattern when it occurs above a 20-period MA and is confirmed by a volume spike. A stop-loss is placed below the 61.8% Fibonacci level, while a take-profit is placed at the next psychological level or the 78.6% extension. Given PERPUSDT’s recent structure, this approach would have caught the majority of the recent rally, particularly after 19:30 ET. This aligns with the observed divergence in MACD and the sustained momentum in volume.