NEOUSDT Market Overview: Bullish Momentum and Overbought RSI in a 24-Hour Surge

• NEOUSDT opened at $6.168 and closed at $6.367, surging 3.3% in 24 hours.
• Price formed a bullish engulfing pattern after hitting a low of $6.15 at 07:30 ET.
• RSI entered overbought territory (>70), signaling potential short-term resistance.
• Volatility expanded as Bollinger Bands widened, with price closing near the upper band.
• Turnover spiked 12.8x to $234.3 million in the final 2 hours, confirming strength in the rally.

Neo/Tether (NEOUSDT) opened at $6.168 on 2025-10-02 at 12:00 ET and closed at $6.367 the following day at the same time. The 24-hour period saw a high of $6.372 and a low of $6.15, with total volume amounting to 284,985.79 and total turnover of $1,807,417.38. A bullish reversal took shape as price clawed back from the 07:30 ET low, suggesting short-term buyers are asserting control.

Structure & Formations
The price action displayed a bullish engulfing pattern at the start of the recovery, as a large bullish candle covered the previous bearish one. A key support level emerged at $6.15–$6.16 around 07:30 ET, with price bouncing strongly off this range. No clear doji formed during the 24-hour period, but the large bullish candle from 15:00 to 15:15 ET—closing at $6.266—signaled strong conviction among buyers. Resistance appears to be forming at $6.27–$6.28, where the price stalled for several 15-minute intervals.

Moving Averages
On the 15-minute chart, the 20-period MA is currently at $6.253, while the 50-period MA is at $6.239. This suggests a short-term uptrend is in place, as the price remains above both indicators. On the daily chart, the 50-period MA is at $6.195, and the 200-period MA is at $6.120, indicating a longer-term bullish bias.

MACD & RSI
The MACD crossed above the signal line at 08:30 ET, confirming a bullish crossover and supporting the uptrend. The RSI surged to 75.2 by 15:30 ET, entering overbought territory and suggesting a potential pullback or consolidation could occur. However, the RSI has not yet formed a bearish divergence from price, indicating continued buying pressure.

Bollinger Bands
Volatility expanded sharply after 15:00 ET, with the Bollinger Bands widening from a 0.08 range to 0.15. Price closed near the upper band at $6.367, suggesting the move could extend further before a retracement. A contraction in volatility was observed earlier in the session, notably between 08:15 and 09:30 ET, indicating a potential reversal setup that materialized.

Volume & Turnover
Volume spiked significantly after 15:00 ET, reaching a 24-hour high of 14,093.68 at 16:00 ET, as the price hit $6.367. Notional turnover rose in tandem, peaking at $90,185.39, confirming the strength of the move. A notable divergence appeared around 01:45 ET, where volume dipped despite a continued price increase, hinting at a possible exhaustion phase.

Fibonacci Retracements
Key Fibonacci levels on the 15-minute chart showed resistance at 61.8% ($6.30) and 78.6% ($6.36). The price held above the 61.8% level from 08:30 to 14:00 ET before surging above it, reinforcing the significance of that level. On the daily chart, the 38.2% retracement at $6.195 acted as a floor earlier in the week, now serving as a potential psychological support level.

Backtest Hypothesis
A potential backtesting strategy could focus on the 61.8% Fibonacci level as a dynamic support zone, combined with RSI overbought levels to identify early reversal signals. A long entry could be triggered when price closes above $6.28 with confirmation from the MACD crossover and rising volume. A stop-loss may be placed at the 50-period MA, and a take-profit could be set at the 78.6% Fibonacci level. This setup would aim to capture momentum-driven breakouts while managing risk during potential pullbacks.