Market Overview for Pixels/Tether (PIXELUSDT) – 2025-10-22

• Pixels/Tether (PIXELUSDT) declined sharply intraday but stabilized after hitting a 24-hour low of $0.01715.
• RSI and MACD suggest waning downward momentum with potential for consolidation.
• Volatility expanded as Bollinger Bands widened; price closed near the lower band.
• Volume surged during the selloff but has since normalized, suggesting a possible short-term bottom.
• Key support at $0.01715 and resistance at $0.01737 may dictate near-term direction.

The 24-hour trading session for Pixels/Tether (PIXELUSDT) saw the pair open at $0.01869 and hit a high of $0.01889 at 17:00 ET before plummeting to a low of $0.01715 at 00:00 ET. It closed at $0.01713 at 12:00 ET. Total traded volume reached 56.6 million units, with notional turnover of $981,940, reflecting heightened trading activity during the bearish phase.

Structure and formations over the 24-hour period showed a bearish bias, with a sharp breakdown from the $0.0188 level. A notable bearish engulfing pattern formed around 17:00–17:15 ET, confirming the bearish reversal. Support levels appear at $0.01715 (236), $0.0174 (213), and $0.0176 (195). Resistance is found at $0.01737 (250), $0.01754 (231), and $0.01773 (215). A potential bullish reversal is possible near $0.01715 if buyers re-enter the market.

Moving averages on the 15-minute chart show the 20-period (52.7) and 50-period (52.9) lines trending downward, aligning with the bearish momentum. Daily moving averages (50/100/200) remain more subdued and not readily calculable from the 15-minute dataset. Price remains below all moving averages, suggesting continued bearish pressure.

MACD turned negative from the early selloff, with a bearish cross observed at 00:00 ET. RSI has entered oversold territory, reaching 29, indicating potential for a rebound. Bollinger Bands have widened, suggesting increased volatility, with price closing near the lower band at $0.01713. This could signal a potential reversal if the 20-period MA holds.

Volume surged during the selloff, peaking at 4.26 million at 00:00 ET. Notional turnover followed a similar trend, confirming the bearish move. A divergence between price and volume appeared during the final hours of the session, suggesting waning selling pressure. Price has since stabilized, with smaller volume bars indicating potential exhaustion of the bearish trend.

Fibonacci retracements drawn from the $0.01889 high to the $0.01715 low show key levels at 38.2% ($0.01810), 50% ($0.01797), and 61.8% ($0.01784). The 61.8% level coincided with a brief bounce at $0.01784. In the final hour, price tested the 23.6% retracement at $0.01789 before retreating.

Backtest Hypothesis

A backtest for a short-biased strategy could leverage the bearish engulfing pattern identified at 17:00–17:15 ET, opening a short at the next candle’s open. For precise testing, a 15-minute candle interval and a close-at-candle-close exit rule could be used to simulate a day-trade approach. Adding a 3% stop-loss and 2% take-profit would help manage risk. The MACD and RSI levels observed in the final hours could also be used to refine entry and exit triggers. This approach may benefit from the increased volatility and oversold RSI, but should be validated against historical data to assess robustness.