API3/Tether (API3USDT) Market Overview: 24-Hour Candlestick Analysis

• API3/Tether fluctuated between $0.7941 and $0.8398, closing near 61.8% Fibonacci support with mixed momentum.
• RSI overbought conditions emerged near $0.82, but divergence with price capped further gains.
• Bollinger Band contraction occurred in early ET, followed by a breakout to the upper band.
• Volume spiked on the daily breakout but waned in intraday consolidation, signaling mixed conviction.
• Key resistance at $0.8171 and support at $0.8036 defined short-term direction amid volatile swings.

API3/Tether (API3USDT) opened at $0.804 on 2025-09-22 at 12:00 ET and closed at $0.8395 as of 12:00 ET on 2025-09-23. The pair reached a high of $0.8398 and a low of $0.7941 over the 24-hour period. Total volume amounted to 1,792,701.33, while notional turnover stood at $1,449,349.80. The price action displayed a late-day bullish reversal, with a final 15-minute candle closing near the upper Bollinger Band and near 61.8% Fibonacci support.

Structure & Formations

The candlestick pattern over the 24-hour window revealed a bullish reversal from the low of $0.7941, characterized by a large bullish candle on the 15-minute chart during the late ET hours. A key support level was identified at $0.8036, where a bearish engulfing pattern emerged after a brief rebound. Resistance at $0.8171 showed a strong rejection with a doji forming, indicating indecision. Later, a bullish continuation pattern emerged after a test of the 61.8% Fibonacci retracement level at $0.8395.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart indicated a bullish crossover at $0.8108, confirming short-term bullish momentum. On the daily chart, the price closed above the 50-period MA at $0.8115 but remained below the 100-period and 200-period MAs, suggesting a potential consolidation phase in the medium term.

MACD & RSI

The MACD turned positive during the late ET hours, aligning with the bullish reversal. RSI peaked at overbought conditions (~75) near $0.8236 but failed to maintain the momentum, suggesting exhaustion. A bearish divergence appeared around $0.8264, hinting at a potential pullback.

Bollinger Bands

A contraction in Bollinger Band width was noted during early ET hours, followed by an expansion and a breakout to the upper band at $0.8398. The price closed near the upper band, indicating strong short-term bullish volatility. This suggests traders may expect continued volatility or a mean reversion in the near term.

Volume & Turnover

Volume spiked during the daily breakout to $0.8398, reaching over 100k at $0.8395. However, intraday volume declined during the consolidation phase, signaling reduced conviction. Turnover aligned closely with the price action, with the highest turnover recorded during the final 15-minute candle on 2025-09-23. This convergence of price and volume suggests a legitimate bullish breakout rather than a false move.

Fibonacci Retracements

The 61.8% Fibonacci retracement level at $0.8395 coincided with the final close, validating a potential support-turned-resistance area. A 38.2% retracement level at $0.8171 acted as a psychological barrier earlier in the day, with the price rejecting it multiple times. Traders should monitor these levels for potential retests.

Backtest Hypothesis

A potential backtesting strategy could involve entering a long position when the price breaks above the 20-period moving average on the 15-minute chart and RSI crosses back into overbought territory, while volume confirms the move. This aligns with the observed price behavior on 2025-09-23, where a bullish breakout occurred above the 20-period MA, RSI moved into overbought territory (~75), and volume spiked. The strategy would aim for a target at the upper Bollinger Band or the next Fibonacci level (~$0.8398 to $0.845). A stop-loss could be placed just below the most recent bearish engulfing pattern at $0.8036 to manage risk.

Forward-Looking View

API3/Tether appears poised to test key psychological and Fibonacci resistance levels in the coming hours, with the 61.8% retracement at $0.8395 and the upper Bollinger Band serving as potential targets. However, a divergence in RSI and declining intraday volume suggest caution in assuming a continuation of the bullish trend. A retest of the 20-period moving average or a rejection at $0.8398 could lead to a consolidation or even a short-term correction. Investors should closely monitor volume dynamics and momentum indicators for confirmation.