Perpetual Protocol/Tether Market Overview: Volatile 24-Hour Rally

• Price surged 25.8% in 24 hours, closing at 0.1688 after opening at 0.134.• Volatility spiked with high volume concentrated in late morning and afternoon ET.• RSI near 60 suggests rising momentum but not overbought, while MACD remains bullish.

Perpetual Protocol/Tether (PERPUSDT) opened at 0.134 on 2025-11-06 at 12:00 ET, and closed at 0.1688 at 12:00 ET on 2025-11-07. The 24-hour period recorded a high of 0.1900 and a low of 0.1340, with total volume of 101,392,688.3 and turnover of 16,743,769.68. The rally was concentrated in the morning session, marked by strong volume and price action.

Structure & Formations

The candlestick pattern over the 24-hour period showed a strong bullish continuation with a series of higher highs and higher lows. Notable formations include a bullish engulfing pattern that appeared during the 2025-11-06 19:30 to 20:00 ET window, which confirmed a shift in momentum. The price found initial support at 0.1340, with subsequent resistance levels forming at 0.1400, 0.1500, and 0.1650. A key breakout occurred at 0.1688, which may signal a broader trend continuation.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both turned upward during the rally, aligning with the bullish bias. On a daily basis, the 50-period MA has crossed above the 200-period MA, forming a potential golden cross. This suggests that the long-term trend may be turning higher, with price action reinforcing the move.

MACD & RSI

The MACD (12,26,9) crossed above zero during the rally and remained in positive territory, reinforcing the bullish momentum. RSI, which had been in the 40–50 range earlier in the day, climbed to around 60 by the close, indicating strong buying pressure but not yet overbought. This suggests the rally could still have room to run, though a pullback may be likely if RSI rises above 65–70.

Bollinger Bands

Volatility was low in the early part of the session, with price hovering near the lower Bollinger Band. As the rally took hold, volatility expanded sharply, pushing price to the upper band by the end of the session. The expansion suggests a potential continuation pattern, with a possible return to the middle band offering a favorable risk-reward entry for longs.

Volume & Turnover

Volume surged sharply during the morning and afternoon, with the highest hourly volume recorded at 2,598,773.95 during the 11:45–12:00 ET window. Turnover followed the same pattern, with the highest hourly turnover at 469,433.29 during the same window. The positive correlation between price and volume indicates strong conviction in the rally.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from 0.1340 to 0.1900, key levels include the 23.6% (0.1728), 38.2% (0.1624), and 61.8% (0.1460) retracement levels. The price closed near the 23.6% retracement level, suggesting the rally may still have room to extend before encountering more significant Fibonacci resistance.

Backtest Hypothesis

A potential backtesting strategy involves identifying and acting on Bullish Engulfing patterns. These patterns typically indicate a short-term reversal and could be used in conjunction with volume confirmation for entries. A key limitation in this analysis is the missing data source for Bullish Engulfing signal dates. To resolve this, either retry the event-date extraction with an adjusted query or upload/paste the signal dates directly. With this information, a backtest could validate whether these signals align with PERPUSDT’s rally patterns and volume dynamics observed today. This would allow for a more accurate assessment of the pattern’s predictive value in similar market conditions.