Market Overview: Prom/Tether (PROMUSDT) 24-Hour Action

• PROM/USDT opened at $9.91 and closed near $9.91 after a volatile 24-hour session.
• Price tested key resistance levels above $10.00 and found support in the $9.92–$9.95 range multiple times.
• Momentum shifted several times, with RSI suggesting overbought and oversold conditions, indicating potential reversal signals.
• Bollinger Bands showed a contraction near $9.94–$9.96, followed by a breakout, suggesting a possible continuation.
• Volume surged during the midday ET rally, confirming strength near $10.00 but diverged slightly during pullbacks.

Prom/Tether (PROMUSDT) opened at $9.91 on 2025-10-02 at 12:00 ET and closed at $9.91 the following day at 12:00 ET. The 24-hour range saw a high of $10.042 and a low of $9.724, representing significant intraday volatility. Total trading volume reached 32,273.04 units, with notional turnover amounting to $301,328.59.

Over the past 24 hours, the chart exhibited a mix of bullish and bearish momentum. A key support area emerged around $9.92–$9.95, where the price found repeated bids and consolidated during pullbacks. On the other hand, resistance levels were observed near $10.00–$10.03, with a failed attempt to break above $10.042 triggering a pullback. A notable bearish engulfing pattern formed near $10.00, suggesting a potential reversal. A morning doji at $9.917 also indicated indecision at that level.

Structure & Formations

The price action formed multiple key patterns over the 24-hour period. A bullish engulfing candle appeared at 02:15 ET, which helped lift the price above $9.83. Later, a bearish engulfing candle at 05:45 ET reversed the upward move, pushing the price down. A morning doji at $9.917 and a long lower shadow at $9.808 suggested strong buying interest at the $9.80–$9.85 range. The consolidation near $9.92–$9.95 acted as a pivot point, with the price bouncing off it multiple times.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed twice, forming a potential bullish crossover and then a bearish one. The 50-period MA acted as a dynamic support near $9.90–$9.92. On the daily chart, the price hovered above the 50-period MA but below the 200-period MA, indicating a short-term bullish bias but long-term consolidation.

MACD & RSI

The MACD histogram turned negative after a midday rally, signaling bearish momentum. RSI reached overbought levels near $10.00, peaking at ~75, then dropped to oversold levels near $9.72, hitting ~27. This suggested strong oscillation between overbought and oversold conditions, pointing to potential reversals.

Bollinger Bands

Bollinger Bands tightened between $9.94 and $9.96, showing a contraction in volatility ahead of the breakout above $10.00. After breaking through, the bands expanded, suggesting an increase in uncertainty and potential for further price swings. The price spent most of the session within the bands, but a few candles, notably at 08:15 ET and 05:15 ET, closed outside the upper and lower bands, signaling strong momentum in both directions.

Volume & Turnover

Volume spiked during the 08:15 ET to 12:00 ET period, coinciding with the rally above $10.00. Turnover also increased during this time, confirming the strength of the move. However, as the price pulled back, volume decreased, suggesting waning bullish conviction. A divergence between price and volume was observed near $9.94–$9.96, where the price attempted to break higher, but volume failed to confirm the move.

Fibonacci Retracements

Applying Fibonacci levels to the 24-hour swing (from $9.724 to $10.042), the 38.2% retracement level sat near $9.93 and the 61.8% level at $9.89. The price tested both levels, consolidating near the 38.2% level before a final bounce off the 61.8% retracement. These levels acted as key psychological points for traders, with the 38.2% level showing strong support.

Backtest Hypothesis

A potential backtesting strategy could focus on the recurring 38.2% and 61.8% Fibonacci retracement levels, combined with the 50-period MA as a dynamic support. Entering long on a bullish breakout above the 38.2% level with volume confirmation and placing a stop just below the 61.8% level could capture short-term directional moves. Given the recent volatility, a trailing stop could be employed to lock in gains during strong trends.