Bonfida/Tether Market Overview for 2025-11-01

• Price opened at $0.0560, rose to a high of $0.0575 before consolidating to close near $0.0564.
• Volume spiked at $0.0560–$0.0575 on Tuesday, aligning with a 16% surge in turnover.
• A bullish engulfing pattern formed at 04:00 ET, followed by a strong breakout above $0.0565.
• RSI and MACD suggest momentum is building, though not yet overbought.
• Bollinger Bands tightened before 08:00 ET, foreshadowing a breakout in the same direction.

Bonfida/Tether (FIDAUSDT) opened at $0.0560 on November 1 and reached a high of $0.0575 before closing at $0.0564. The 24-hour total volume was 36.1 million FIDA, translating to a notional turnover of approximately $2.06 million. Price moved in a clear bullish direction after a key candle formation early in the session, supported by increased volume and order flow.

Structure & Formations

The 24-hour period for FIDAUSDT featured a key bullish engulfing candle at 04:00 ET, which marked a turning point in the session. This pattern followed a consolidation phase and preceded a breakout above the $0.0565 resistance level. A minor support level was identified around $0.0555, which was tested twice without a breakdown. No significant bearish reversal patterns emerged during the period, suggesting continued buying pressure.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were in bullish alignment by 08:00 ET, supporting the upward trend. The daily chart showed a similar structure, with the 50-period SMA below the 100- and 200-period lines, indicating a more neutral to bullish bias on a longer timeframe. The price closed above all key moving averages by the end of the session, strengthening the short-term outlook.

MACD & RSI

MACD remained in positive territory throughout the latter half of the session, confirming the upward momentum. RSI climbed to 52 by 14:00 ET and showed no signs of overbought conditions, suggesting that the rally could continue. Both indicators aligned with the bullish price action, supporting the view that the market is likely to test the next resistance at $0.0575 in the near term.

Bollinger Bands

Bollinger Bands tightened between 02:00 and 08:00 ET, signaling a period of low volatility before the breakout. Price action broke above the upper band at 09:00 ET, which is often a sign of strong momentum. The expansion of the bands following this breakout suggests increased volatility is likely to continue into the next 24 hours.

Volume & Turnover

Volume remained elevated from 04:00 to 10:00 ET, with the most significant spikes observed between $0.0560 and $0.0575. Notional turnover increased in line with this volume, confirming the strength of the move. No notable divergences between volume and price action were observed, suggesting the trend is likely to remain intact.

Fibonacci Retracements

Fibonacci retracements drawn from the 04:00–08:00 ET rally identified the 38.2% level at $0.0567 and the 61.8% level at $0.0572. Price action paused near $0.0567 before continuing higher, suggesting that $0.0567 may offer temporary support if the trend reverses. The 61.8% retracement level is now acting as a key target for the next potential price move.

Backtest Hypothesis

A potential backtesting strategy involves detecting bullish engulfing candlestick patterns in the 15-minute chart and holding the trade for up to three days, targeting 2022–01–01 to 2025–11–01. This strategy would require confirmation from the RSI and MACD to avoid false signals. Given the recent bullish engulfing candle and the positive momentum in both RSI and MACD, FIDAUSDT appears to be a strong candidate for such a test. Further data validation and a clean ticker symbol (e.g., “FIDAUSDT.BINANCE”) would be necessary to implement the strategy effectively.