Pepe/Tether (PEPEUSDT) Market Overview for 24-Hour Period

• Price action shows a bearish trend, with PEPEUSDT falling from 7.34e-06 to 6.81e-06.
• Momentum indicators suggest oversold conditions, with RSI dipping below 30 in the latter half of the session.
• Volatility expanded in the late hours, with Bollinger Bands widening and price hovering near the lower band.
• Notional turnover reached $3.3B, with volume spiking during price declines, confirming bearish momentum.
• Key support was tested around 6.8e-06, with mixed follow-through suggesting possible consolidation ahead.

At 12:00 ET on October 21, 2025, Pepe/Tether (PEPEUSDT) opened at 7.26e-06 and peaked at 7.38e-06 before declining to a low of 6.66e-06 by 12:00 ET on October 22. The 24-hour session closed at 6.81e-06, reflecting a bearish sentiment. Total volume reached 588.9 million tokens, with notional turnover hitting $3.3 billion, driven by heightened selling pressure in the latter half of the day.

The price structure over the 24 hours displayed multiple bearish formations, including a series of lower highs and lower lows from 1700 to 0530 ET. A key bearish engulfing pattern was visible at 1700 ET, as the candle opened at 7.33e-06 and closed near the session low of 7.19e-06. A potential support area was identified around 6.8e-06–6.82e-06, which held multiple times during the session but failed to generate strong bullish follow-through. The 20-period EMA was below the 50-period EMA, reinforcing the bearish bias.

Momentum shifted into oversold territory by mid-overnight trading, with RSI dropping below 30 and remaining there for most of the session. The MACD histogram showed a consistent negative spread, suggesting that bearish momentum remained intact. Bollinger Bands reflected a wide distribution, with price frequently touching the lower band, indicating a period of high volatility. The 20-period Bollinger Band width expanded from around 0.0000015 to nearly 0.000003, suggesting a potential consolidation phase ahead.

Fibonacci retracement levels provided additional context for short-term traders. The 61.8% retracement level at 6.9e-06 acted as a minor resistance, and the 38.2% level at 6.85e-06 also saw some rejection. In the 15-minute timeframe, the 6.8e-06–6.82e-06 range became a focal point of trading activity.

Backtest Hypothesis: Given the bearish momentum and oversold conditions, a backtest could be run using a MACD-based strategy that triggers a short position when the MACD line crosses below the signal line (Death Cross). To evaluate this strategy, we would need a specific stock ticker or list of tickers, a defined time range (e.g., 2022–2025), and a preference for close or open prices. Once these parameters are confirmed, the backtest can be executed using historical data to assess the effectiveness of the signal in capturing bearish moves.