PundiX/Tether USDt Market Overview

• Price surged 4.3% from $0.3236 to $0.3313 on strong buying pressure during the early NY session.
• Volatility expanded midday with a high of $0.3593, but reversed sharply as volume spiked to $2.83M.
• RSI reached overbought territory temporarily before retreating, suggesting potential exhaustion.
• Bollinger Bands widened, reflecting heightened uncertainty and a risk of trend reversal.
• A large bullish engulfing pattern formed at $0.3306–$0.3324, signaling a short-term bullish bias.

The PundiX/Tether USDt (PUNDIXUSDT) pair opened at $0.3236 on 2025-09-09 12:00 ET and closed at $0.3313 by the same time on 2025-09-10. The 24-hour high reached $0.3593, and the low dropped to $0.3268, showcasing sharp intraday volatility. The total traded volume was approximately 10.06M, with a notional turnover of $3.35M, indicating heightened interest during the price spike.

Structure & Formations

The 15-minute chart revealed a key bullish engulfing pattern at $0.3306–$0.3324, formed amid high volume and a sharp reversal from the $0.3593 high. This suggests traders may be positioning for a breakout above $0.3331. A bearish divergence on RSI following the $0.3391 high suggests short-term profit-taking is likely. Key support levels are at $0.3305, $0.3295, and $0.3282, while resistance is seen at $0.3331 and $0.3345. A large bearish marubozu occurred at $0.3392–$0.3309, hinting at strong selling pressure after an overbought rally.

Moving Averages, MACD, and RSI

The 20-period and 50-period moving averages on the 15-minute chart showed a bullish crossover near $0.3296, reinforcing the short-term bullish bias. The MACD line crossed above the signal line with increasing histogram bars, suggesting growing momentum. RSI fluctuated between overbought and neutral levels, peaking at 75 before correcting to 58, indicating mixed sentiment.

Bollinger Bands and Fibonacci Retracements

Bollinger Bands expanded sharply as the price surged toward $0.3593 and then collapsed during the sell-off, indicating a period of high volatility followed by exhaustion. The price currently resides near the 61.8% Fibonacci retracement level of the recent high at $0.3593 and low at $0.3268. A break above $0.3331 could target the 78.6% retracement at $0.3403, while a retest of $0.3305 could confirm support.

Volume and Turnover

Volume surged to $2.83M during the 00:15 ET candle as the price dropped sharply from $0.3593 to $0.3309, suggesting a bearish liquidation event. Turnover diverged from price during the $0.3365–$0.3391 rally, hinting at potential exhaustion. The volume profile shows higher activity in the $0.3300–$0.3330 range, indicating a clustering of key orders and possible accumulation.

Backtest Hypothesis

The identified bullish engulfing pattern at $0.3306–$0.3324, combined with a bullish crossover in the 20/50-period moving average, suggests a potential long entry at $0.3315 with a stop-loss below $0.3302. A target of $0.3331 aligns with the 61.8% Fibonacci level and recent breakout resistance. A backtest using this strategy over the past 30 days would test the reliability of such setups in a market with high volatility and low liquidity.