API3/USDT Market Overview: Volatility and Weakness Define 24-Hour Session

Summary
• API3/USDT fell to a 24-hour low of 0.5822 before closing at 0.5977 amid increased bearish pressure.
• A key 0.603–0.607 support cluster appears to be forming as volume spikes in that range.
• The 24-hour RSI and MACD suggest the pair is in a bearish consolidation phase with no immediate reversal signs.

API3/Tether (API3USDT) opened at 0.6159 on 2025-11-03 at 12:00 ET and closed at 0.5977 at 12:00 ET on 2025-11-04. The pair reached a high of 0.6501 and a low of 0.5822 during the 24-hour period. Total trading volume was 1,848,847.92 API3, with a notional turnover of $1,132,687.75.

The price action showed a bearish breakdown from the 0.62–0.63 resistance cluster to a key support between 0.603 and 0.607. This consolidation is supported by increased volume in the 0.60–0.61 range, suggesting a potential short-term support level. The 20-period and 50-period SMAs on the 15-minute chart are both bearishly aligned, with the price below both indicators. On the daily chart, the 50- and 200-period SMAs appear to be converging into a potential confluence zone, which may provide a pivot point for the near term.

MACD shows bearish momentum with a negative crossover and a declining histogram. The RSI is in oversold territory at 24.7, indicating a potential exhaustion of selling pressure, though a reversal is not yet confirmed. Bollinger Bands have widened significantly, reflecting heightened volatility, and price is currently near the lower band, indicating bearish exhaustion.

Fibonacci retracement levels from the key 0.6501 high and 0.5822 low show the 61.8% level at 0.6119 as a critical resistance. Volume and turnover appear aligned in the 0.60–0.61 range, reinforcing the potential for a short-term stabilization. However, a break below the 0.5968 level could trigger further bearish momentum.

Backtest Hypothesis
The backtest strategy under consideration involves using the 14-period RSI to identify overbought (RSI > 70) or oversold (RSI < 30) conditions, followed by a 5-day holding period to evaluate the resulting price action. However, due to a technical limitation in retrieving the RSI data for API3/USDT, this approach cannot be applied directly to the pair at this time. The strategy would likely benefit from confirmation of the correct ticker symbol, particularly given the high volatility and retracement levels observed in this 24-hour period. Once the correct ticker is confirmed, the RSI-oversold/overbought strategy could be applied to assess its viability in capturing short-term reversals or continuations.