Alpine F1 Team Fan Token/Tether Market Overview

• Price surged over 50% in 24 hours, driven by strong buying momentum after hitting a key support level.
• MACD and RSI show overbought conditions, hinting at potential pullback or consolidation.
• Volatility spiked mid-day, with Bollinger Bands expanding and volume surging to confirm the rally.
• A bullish engulfing pattern formed after a deep retracement, suggesting short-term continuation of the upward move.
• Fibonacci levels align with resistance at 1.9–2.0, with 61.8% level acting as dynamic support during the day.

Alpine F1 Team Fan Token/Tether (ALPINEUSDT) opened at $1.361 on October 5 at 12:00 ET and surged to a 24-hour high of $2.042 before closing at $1.572 on October 6 at 12:00 ET. The price traded between $1.305 and $2.042. Total volume reached 14.1 million, with a notional turnover of ~$24.3 million, driven by a sharp rally late in the day.

The candlestick structure revealed a powerful rally from a deep retracement near 1.305, followed by a bullish engulfing pattern on the 15-minute chart at 04:30 ET. This pattern formed after the price tested a psychological support level and reversed with high volume. The 20-period moving average on the 15-minute chart crossed above the 50-period line, confirming a short-term bullish bias. The daily 50-period MA, however, remains below the 100-period MA, suggesting longer-term uncertainty.

Momentum, as measured by the MACD histogram, turned sharply positive after 04:30 ET, with the line crossing above zero to indicate strong upward thrust. RSI peaked at 89, suggesting overbought conditions and potential near-term pullback. Bollinger Bands expanded dramatically during the rally, with the price closing near the upper band at $1.572. Volatility, however, appears to have peaked, with volume declining slightly in the last 6 hours.

Fibonacci retracement levels based on the recent 15-minute swing from $1.305 to $2.042 show the current price at ~38.2%, suggesting it could consolidate or test the 50% retracement level at ~$1.674. Over the past 24 hours, price action has also aligned with daily Fibonacci levels from a broader downtrend.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on confirmation of a bullish engulfing pattern following a retracement to a key Fibonacci level, with a stop-loss below the pattern's low and a target at the next Fibonacci resistance. Given the recent price action, such a pattern occurred at 04:30 ET on October 6, with strong volume and momentum confirmation, aligning well with the strategy's entry criteria. This would have captured the subsequent 12% rally into the day's high.