Market Overview for Perpetual Protocol/Tether (PERPUSDT)

• PERPUSDT opened at $0.2658, peaked at $0.2684, and closed at $0.2184, with a 24-hour low of $0.1049.
• A sharp bearish reversal formed on 2025-10-10 after 19:00 UTC, with volume surging to $706,540.4.
• RSI hit oversold levels near 20, suggesting potential near-term rebound.
• Bollinger Bands expanded significantly during the selloff, indicating heightened volatility.
• Turnover peaked at $706,540.4, but volume declined sharply post 08:00 UTC, hinting at waning momentum.

Perpetual Protocol/Tether (PERPUSDT) opened at $0.2658 on 2025-10-10 at 12:00 ET − 1, reached a high of $0.2684, and closed at $0.2184 by 12:00 ET. The 24-hour volume totaled 13.9 million contracts with $2.49 million in notional turnover. A sharp sell-off emerged after 19:00 UTC, followed by a consolidation phase.

Structure & Formations

Price action showed a key bearish reversal pattern after 19:00 UTC, with a large bearish candle closing below $0.2570. This level appears to function as a strong support-turned-resistance. A doji formed near $0.2116–$0.2135 between 05:00 and 05:30 UTC, indicating indecision after the selloff. Resistance levels to watch include $0.2190 and $0.2230, with support levels likely at $0.2100 and $0.2050.

Moving Averages

Short-term moving averages (20/50) on the 15-minute chart are bearish, with the 50-period MA below the 20-period MA. On the daily chart, the 50-period MA is above the 100 and 200-period MAs, indicating a longer-term bearish trend, though price remains above the 200-period MA, suggesting a potential short-term rebound may still occur.

MACD & RSI

The MACD crossed below the signal line during the selloff, confirming bearish momentum. RSI hit oversold territory near 20 during the early hours of 2025-10-11, hinting at a possible short-term bounce. However, the slow RSI remains bearish, with no immediate sign of a reversal in the broader trend.

Bollinger Bands

During the selloff, price broke below the lower Bollinger Band, triggering a volatility expansion. Price remained within the bands during the consolidation phase but showed limited retesting of the upper band. The bands have since retracted slightly, suggesting potential for a rebound toward the middle band.

Volume & Turnover

Volume spiked during the sell-off, particularly with the $706,540.4 turnover on the candle closing at $0.2570. Turnover declined sharply after 08:00 UTC, indicating reduced selling pressure. However, volume remains above average for the consolidation phase, suggesting ongoing interest. Price and turnover diverged slightly after 04:00 UTC, when price made a higher low but turnover decreased, signaling potential bearish continuation.

Fibonacci Retracements

Fibonacci levels drawn from the high of $0.2684 and low of $0.1049 show key levels at 38.2% ($0.2059) and 61.8% ($0.2465). Price currently rests near the 38.2% level, which may offer support before a potential test of the 50% retracement at $0.2126. On the 15-minute chart, Fibonacci retracements from the swing low at $0.1679 and high at $0.2124 suggest a possible bounce near $0.2090.

Backtest Hypothesis

A potential backtesting strategy could involve a short bias on breaks below the 15-minute 50-period MA, combined with RSI divergence below 30. A long bias could be triggered on a retest of the 38.2% Fibonacci level with RSI above 50 and MACD above the signal line. Volume spikes during the sell-off suggest the strategy should incorporate filters for high volume during entry signals to confirm conviction.