OPENUSDT Market Overview on 2025-10-10

• OPENUSDT traded in a downward trend, with a 24-hour low at 0.4728 and close at 0.4787.
• Volatility increased significantly after 00:00 ET, with sharp declines and a high turnover spike.
• Momentum indicators suggest overbought conditions reversed midday, with RSI below 30 in the latter half.
• Bollinger Bands show price action near the lower band, indicating bearish pressure.
• A potential short-term bounce may occur near the 0.4933–0.4996 Fibonacci level.

OPENUSDT opened at 0.5554 on 2025-10-10 at 12:00 ET − 1, reaching a high of 0.5626 and a low of 0.4728 before closing at 0.4787 by 12:00 ET. Total volume was 15,869,840.0 and notional turnover was approximately $7,534,108. The pair experienced a broad and extended bearish trend, with clear signs of pressure on buyers.

Structure & Formations

The 24-hour candlestick pattern shows a deep bearish continuation with multiple rejection levels from the 0.5291–0.5540 range, indicating strong support-turned-resistance in earlier trading. A large bearish engulfing pattern formed around 00:15 ET, which marked the beginning of a sharp decline. Additionally, a doji at 03:45 ET suggested indecision, but the trend continued downward. Key support levels emerged at 0.5042, 0.4933, and 0.4728, with the latter acting as a potential short-term floor. Resistance appears near 0.5135, 0.5291, and 0.5540.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were in a steep downward slope, indicating strong bearish momentum. The 20 MA was below the 50 MA throughout the 24-hour period, reinforcing a downtrend. On the daily chart, the 50, 100, and 200-period moving averages are also in a bearish crossover, with the 200 MA acting as a critical long-term resistance at approximately 0.5450.

MACD & RSI

The MACD line crossed below the signal line in the early hours of the morning, confirming a bearish turn. Momentum remained negative throughout the session. The RSI reached overbought levels at 65 near 20:00 ET but quickly dropped below 30 by 15:00 ET, suggesting oversold conditions and a possible short-term rebound. However, the RSI remains weak and has not shown a strong bullish divergence.

Bollinger Bands

Bollinger Bands showed a significant expansion during the downward move, particularly from 00:00 ET onward. Price action remained near the lower band for much of the session, indicating high volatility and bearish pressure. A contraction in the bands may be expected near key support levels, which could provide entry points for potential bounces.

Volume & Turnover

Volume spiked significantly after 00:00 ET, with the highest 15-minute volume recorded at 1,634,935.6 during the 00:15 ET candle. This volume spike coincided with a sharp drop in price, confirming bearish conviction. Notional turnover also increased during this period, indicating heightened interest and selling pressure. Later in the session, volume declined but remained above average, suggesting continued bearish participation.

Fibonacci Retracements

Applying Fibonacci retracements to the most recent 15-minute swing from 0.5626 to 0.4728, the 38.2% retracement level is at approximately 0.5221, and the 61.8% level is at 0.4969. Price has found support near the 0.4933–0.4996 range, suggesting that the 61.8% level may be a key target for any short-term rebound. Daily Fibonacci levels are also aligning with previous resistance-turned-support levels.

Backtest Hypothesis

A potential backtesting strategy could focus on bearish breakouts below key Fibonacci levels, particularly the 61.8% retracement at 0.4969, which aligns with recent support levels. A sell signal could be triggered on a close below this level, confirmed by bearish divergence in the RSI and a declining MACD. Stop-loss placement would be near the 0.5013–0.5065 range, with a target of 0.4728–0.4842. This strategy would leverage both price structure and momentum indicators to manage risk while capitalizing on downward momentum.