Bancor/Tether Market Overview

• Price opened at 0.6938 and closed at 0.6965, rising slightly amid moderate volatility.
• A bullish engulfing pattern formed around 2025-10-08 00:00, suggesting short-term momentum.
• RSI shows moderate momentum, while Bollinger Bands suggest a recent expansion in volatility.
• Turnover exceeded $192M, with volume peaking in late morning ET.
• Dips below 0.6920 may trigger further bearish action; resistance remains around 0.6980.

Bancor/Tether (BNTUSDT) opened at 0.6938 on 2025-10-08 and closed at 0.6965 after a 24-hour session marked by mixed price action. The pair reached a high of 0.7067 and a low of 0.6827. Total volume across the period amounted to 335,089.9 BNT, with notional turnover exceeding $192 million.

Structure & Formations

Price action on the 15-minute chart revealed a mix of bearish and bullish dynamics. A notable bullish engulfing pattern emerged at the 00:00 ET mark as price surged from 0.6922 to 0.6959. This was followed by a consolidation phase within a descending triangle structure. A key support level appears to form around 0.6900–0.6920, while 0.6980 and 0.7010 could represent critical resistance levels. A doji formed at 05:15 ET, suggesting indecision after a sharp drop.

Moving Averages

On the 15-minute chart, price closed above the 20-period moving average (around 0.6950), which is a positive signal. The 50-period MA (0.6945) also showed alignment, indicating potential for continuation of the current rally. Over the daily timeframe, the 50, 100, and 200-period MAs remain in a sideways configuration, offering limited directional bias.

MACD & RSI

The MACD line showed a bullish crossover with the signal line just before 01:00 ET, confirming the uptrend. However, the histogram weakened shortly afterward, indicating waning momentum. RSI reached a peak of 65 early in the session but pulled back to a neutral 57 by the 12:00 ET close, suggesting neither overbought nor oversold conditions. This neutrality suggests the market may still be in a consolidation phase.

Bollinger Bands

Bollinger Bands expanded during the 03:15–03:30 ET period, coinciding with a sharp pullback. Price remained near the lower band throughout the session until a breakout at 08:00 ET, which aligned with the bullish engulfing pattern. The recent expansion indicates increased volatility, with price currently trading near the upper band. This may indicate a potential reversal or continuation depending on follow-through volume.

Volume & Turnover

Volume and turnover spiked during the 14:15–14:30 ET and 10:15–10:30 ET periods, coinciding with the major bullish moves. A divergence appeared in the late morning when volume declined despite continued price gains, suggesting caution may be warranted. The largest single 15-minute turnover occurred at 14:15 ET, with $192M in notional value exchanged.

Fibonacci Retracements

Applying Fibonacci levels to the 03:15–08:00 ET rally, the 38.2% retrace (0.6980) appears as a key level, and price may test it again. The 61.8% retrace is at 0.7010, which could act as a temporary ceiling. On the daily chart, a retracement from the prior week’s high may offer resistance at 0.7067 if the bullish breakout continues.

Backtest Hypothesis

Given the bullish engulfing pattern and alignment with the 20-period moving average, a backtesting strategy could be designed to enter a long position at the close of the engulfing candle (0.6959), with a stop-loss placed below the 0.6920 support. A take-profit target of 0.7010 aligns with the 61.8% Fibonacci retrace and could serve as an initial objective. This strategy would aim to capture the continuation of the early morning rally, leveraging both pattern and momentum signals. The volume divergence observed in the late morning would suggest incorporating a volatility filter to avoid false breakouts or whipsaws.