Market Overview for Streamr/Tether (DATAUSDT)

• Price action showed consolidation after a sharp morning rebound.
• RSI remained neutral, hinting at balanced buyer/seller pressure.
• Volume spiked in the late morning before tapering, suggesting fading momentum.
• Key support at 0.00745 held firm, while resistance at 0.00765 appears near-term relevant.
• Bollinger Bands tightened during midday, potentially foreshadowing a breakout.

The 24-hour session for Streamr/Tether (DATAUSDT) opened at 0.00753 (12:00 ET - 1) and closed at 0.00770 (12:00 ET), reaching a high of 0.00784 and a low of 0.00743. Total volume amounted to 55,875,902.3 and turnover reached $419,514. The price action reflected a morning pullback followed by a sustained rally into the early afternoon.

Structure & Formations

The candlestick structure featured a strong morning bearish trend with a significant drop from 0.00757 to 0.00743, followed by a bullish recovery. A Bullish Engulfing pattern emerged around 0.00751, signaling a potential reversal. Notable support levels include 0.00745 and 0.00743, while key resistances are at 0.00760 and 0.00772. A Morning Star pattern also appeared near the morning lows, supporting the view of a potential short-term reversal.

Moving Averages

On the 15-minute chart, price closed above both the 20- and 50-period moving averages, indicating a short-term bullish bias. On the daily chart, the 50-period MA sits at 0.00755, and the 200-period MA at 0.00750, suggesting that the pair is slightly over the mid-term trend line. The price appears to be consolidating near the 50 MA, which may offer a pivot point in the near term.

MACD & RSI

MACD showed a positive crossover in the late morning, confirming the bullish reversal, while the histogram remained above zero into the early afternoon. RSI hovered around 54–58 during the session, indicating a balanced market. No overbought or oversold conditions were observed, but the slight upward bias suggests that buyers are asserting control.

Bollinger Bands

Volatility was relatively low in the midday hours with the bands tightening around 0.00750–0.00756. This compression often precedes a breakout. By late afternoon and into the night, the bands widened slightly, with the price staying above the middle band, suggesting a potential continuation of the bullish momentum.

Volume & Turnover

Volume spiked in the early morning hours, coinciding with the sharp pullback to 0.00743, indicating significant selling pressure. As price rebounded in the late morning, volume declined, suggesting that the short-term reversal lacked confirmation. However, the rally into the early afternoon was supported by modest volume, indicating a possible base of support is forming.

Fibonacci Retracements

Applying Fibonacci retracements to the morning swing (0.00757–0.00743), the 61.8% level at 0.00750 was a key pivot point. Price rebounded from this level and continued upward, suggesting a short-term bullish bias. On the daily chart, the 38.2% and 61.8% levels around 0.00756–0.00758 appear relevant for the near-term direction.

Backtest Hypothesis

A backtest strategy based on a Bullish Engulfing pattern on the 15-minute chart showed moderate returns when holding for five days. The strategy yielded a maximum return of 21.78% and a minimum return of -6.91%, with an average of 7.44% over five days. The positive returns suggest that the pattern can be a useful entry signal, especially when aligned with key support levels and positive MACD. However, the relatively low average return highlights the need for additional filters or risk management tools. Given the current setup, a Bullish Engulfing pattern forming near 0.00751 could serve as a potential entry opportunity for short-term traders.

The market appears to be transitioning into a short-term bullish phase, supported by key Fibonacci levels and a confirmed bullish reversal pattern. However, traders should remain cautious as volatility remains elevated, and a false breakout above 0.00775 could lead to a pullback. A close below 0.00745 would signal renewed bearish pressure.