Market Overview for Phala Network/Tether (PHAUSDT) – 24-Hour Summary

• PHAUSDT fell from 0.1065 to 0.1021 over 24 hours, driven by bearish momentum in the second half of the period.
• Notable 15-minute bearish engulfing and inside bars signaled weakening bullish conviction.
• RSI and MACD showed oversold conditions late in the period, suggesting potential near-term consolidation.
• Bollinger Bands narrowed mid-day before a sharp price drop, hinting at a breakout to the downside.
• Volume surged during the 0.1051–0.1033 decline, confirming bearish sentiment in key timeframes.

Phala Network/Tether (PHAUSDT) opened at 0.1060 on 2025-10-03 at 12:00 ET and closed at 0.1021 on 2025-10-04 at 12:00 ET. The 24-hour range was 0.1065 (high) to 0.1021 (low). Total volume reached 3.68 million PHA with a notional turnover of approximately $381,905, reflecting increased bearish participation.

Structure & Formations

Price action on PHAUSDT showed a clear bearish bias during the second half of the 24-hour period, with several bearish reversal patterns emerging on the 15-minute chart. A bearish engulfing pattern was visible at 2025-10-03 16:45 and 19:30 ET, confirming weakening bullish momentum. Inside bars and hanging man patterns also appeared, indicating indecision and bearish pressure. The 0.1033 level acted as a key support zone that was tested and subsequently broken, signaling a possible continuation of the decline toward 0.1015 or 0.0999.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below the price, forming a bearish crossover and reinforcing the downward trend. On a daily basis, the 50-period MA is currently above the 100- and 200-period MAs, suggesting short-term bearish bias amid a broader consolidation phase. The price remains below the 200-day MA, which acts as a psychological resistance level and potential area of interest for short-term traders.

MACD & RSI

The MACD crossed below the signal line during the late afternoon hours on 2025-10-03 and has remained in bearish territory since, with the histogram showing increasing negative divergence. This aligns with the sharp drop observed in the last 6 hours of the 24-hour period. The RSI reached oversold levels below 30 in the early morning hours of 2025-10-04, indicating potential for a short-term bounce or consolidation phase. However, the lack of immediate follow-through suggests the bearish trend remains intact for now.

Bollinger Bands

Bollinger Bands showed a period of contraction mid-day on 2025-10-03, followed by a strong breakout to the downside, confirming bearish sentiment. The price dropped below the lower band for the first time in several sessions, indicating high volatility and increased bearish bias. Traders may watch for a retest of the 0.1033–0.1021 range as a potential area of support or consolidation.

Volume & Turnover

Volume increased significantly during the decline from 0.1051 to 0.1033, with the largest single 15-minute volume spike reaching 1,135,893 PHA (2025-10-03 17:15 ET). This volume confirmed the bearish break. However, turnover was relatively muted during the recovery attempts in the early morning, suggesting limited conviction from buyers. Divergence between volume and price suggests that the bearish move may not yet be exhausted.

Fibonacci Retracements

Applying Fibonacci retracements to the most recent 15-minute swing from 0.1065 to 0.1033, the 61.8% level aligns with 0.1043, which was a key resistance level that failed to hold. The 38.2% retracement at 0.1053 was also tested during the consolidation phase but was unable to halt the decline. These levels may now act as potential support or psychological barriers for traders watching for a bounce.

Backtest Hypothesis

Given the bearish momentum and key support levels identified, a backtesting strategy could focus on short entries with tight stop-loss orders placed above recent resistance. A potential setup would involve entering a short position when the price breaks below the 0.1033 support with confirmation from a bearish engulfing pattern or a close below the 20-period moving average. Stops could be placed above the 0.1043 Fibonacci level, with targets aligned with the 61.8% level and beyond. This approach would prioritize high-probability short-term bearish trades, leveraging confirmed trend continuation and momentum signals.