Market Overview: Wormhole/Tether (WUSDT) – 24-Hour Price Action and Technical Indicators

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• Wormhole/Tether (WUSDT) closed near the day's low, indicating bearish pressure after a strong midday rally.
• Key resistance at 0.1056 and support at 0.1029 were tested but not broken, reflecting range-bound behavior.
• Volume spiked during the 15-minute candle on 09:15 ET, coinciding with a sharp intraday correction.
• RSI hovered near 45, suggesting balanced momentum, while MACD showed a tightening histogram ahead of a potential divergence.
• Bollinger Bands tightened during the overnight session, implying a possible breakout in the near term.

Wormhole/Tether (WUSDT) opened at 0.1035 on 2025-09-22 at 12:00 ET and closed at 0.1044 on 2025-09-23 at 12:00 ET. The 24-hour range was 0.1001 to 0.1069. Total volume was approximately 268.5 million, with notional turnover of ~$27.8 million. Price action displayed a complex intraday profile with a midday rally and a consolidation phase toward the close.

Structure & Formations

The 15-minute chart shows a bearish engulfing pattern forming on the 19:15 ET candle, marking a pivot from bullish to bearish sentiment. A doji appeared at 01:45 ET, signaling indecision. Key support levels are at 0.1029 and 0.1012, while resistance is seen at 0.1056 and 0.1070. A test of 0.1056 in late morning ET failed, suggesting limited follow-through buying above this level.

Moving Averages and Momentum

On the 15-minute chart, the price hovered near the 20-period and 50-period moving averages, indicating a balanced but volatile session. RSI remains in the mid-range at ~45, with no overbought or oversold conditions. MACD lines converged near zero, suggesting a potential reversal or consolidation phase. Momentum appears to be slowing as the histogram narrowed.

Bollinger Bands and Volatility

Bollinger Bands constricted during the overnight session, particularly between 03:00 ET and 05:00 ET, signaling a potential breakout. The price tested the upper band at 0.1069 in the afternoon but failed to close above. Volatility expanded again during the morning rally, with a standard deviation of ~0.0035 during active hours.

Volume & Turnover

Volume spiked sharply at 19:15 ET and again at 09:15 ET, both coinciding with intraday corrections. Turnover moved in tandem with volume, with the 19:15 ET candle showing the highest notional turnover of ~$3.8 million. Price and turnover diverged during the late-night consolidation, raising questions about the sustainability of bullish momentum.

Fibonacci Retracements

Applying Fibonacci levels to the overnight low (0.1001) to the intraday high (0.1069), the 61.8% retracement is at 0.1041, which the price tested before reversing. A break above the 78.6% retracement at 0.1058 may indicate a resumption of the upward trend. On the 15-minute chart, the 38.2% retracement at 0.1037 acted as a minor support zone during the morning.

Backtest Hypothesis

The backtesting strategy involves entering long positions on a 15-minute bullish engulfing pattern forming above the 50-period moving average, with a stop-loss placed below the 20-period line. Short positions are triggered on bearish engulfing patterns forming near the 78.6% Fibonacci retracement level. This approach aligns with the observed price action on 09/23 at 09:15 ET, where a bearish engulfing candle formed just below 0.1056. Given the current price hovering near key moving averages and retracement levels, this hypothesis could be tested for its effectiveness in capturing short-term volatility and confirming trend shifts. The recent failure to break key resistance levels may offer favorable risk-reward setups if the strategy is refined to include volatility filtering via Bollinger Band contractions.