BOOK OF MEME/Tether 24-Hour Market Overview

• BOOK OF MEME/Tether (BOMEUSDT) traded in a bearish range on high volume before rebounding in late ET hours.
• A bullish reversal pattern emerged after a deep selloff, with price closing near session highs.
• Volatility expanded mid-session, followed by a consolidation phase and a late rally.
• RSI and MACD diverged during the selloff, suggesting potential for a near-term countertrend move.
• Key support held at 0.00162–0.00163, with resistance forming around 0.00166–0.00167.

At 12:00 ET–1 on 2025-10-07, BOOK OF MEME/Tether (BOMEUSDT) opened at 0.001672 and traded as low as 0.001620 before closing at 0.001629 at 12:00 ET on 2025-10-08. The 24-hour range reached 0.001679 and fell to 0.001620. Total notional volume was 1,010,814,798.8, with a turnover of ~$1,624,516 at a 15-minute cadence. Price action reflected a sharp decline followed by a late recovery, suggesting potential short-term buyers entering at key levels.

Structure & Formations

Price traced a bearish trendline from 0.001672 down to 0.001620 before a bullish reversal pattern emerged near the session low. A bullish engulfing pattern formed at 0.001620–0.001630, indicating potential for a near-term bounce. A doji formed at 0.001629–0.001630, signaling indecision among traders. Key support appears to be holding at 0.001620–0.001625, while 0.001660–0.001670 acts as a near-term resistance cluster.

Moving Averages and Momentum

On a 15-minute chart, the 20-period and 50-period moving averages remained bearish through mid-session, with price below both. By the final 4 hours, price crossed above the 20-period MA, indicating a potential shift in momentum. The RSI reached oversold levels below 25 during the decline, then recovered toward the mid-40s. MACD showed a bearish divergence early but crossed into bullish territory in the final 4 hours, suggesting a possible short-term reversal.

Bollinger Bands and Volatility

Bollinger Bands expanded during the sharp mid-session drop, with price trading near the lower band. As volatility waned, bands constricted, with price bouncing off the lower band and moving into the middle band range. By the final 4 hours, volatility had increased again, with price moving above the middle band and into the upper band territory. This suggests a potential continuation of the recovery.

Volume and Turnover

Volume spiked during the mid-session selloff, particularly in the 0.001620–0.001630 range, confirming the bearish move. A sharp increase in turnover occurred during the final 4 hours, aligning with the price recovery. Notional turnover diverged from price in the initial phase, indicating potential for a countertrend move. The volume profile suggests strong buying pressure at the session close, with a possible accumulation at 0.001620–0.001630.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from 0.001679 to 0.001620, the 61.8% retracement level sits at ~0.001648, aligning with the current price action. The 50% retracement is at 0.001649–0.001650, and the 38.2% level is at ~0.001655. On the daily chart, the 61.8% retracement of the last major move sits near 0.001660–0.001670, coinciding with a key resistance cluster. A close above this level may trigger a breakout scenario.

Backtest Hypothesis

Given the emergence of bullish reversal patterns and a cross above the 20-period MA, a backtest strategy might target a long position at 0.001629 with a stop loss below 0.001620 and a target at 0.001660–0.001670. A Fibonacci-based entry at the 61.8% level (~0.001648) could serve as a secondary confirmation. This approach leverages key support levels and divergence in the RSI and MACD as buy signals, aligning with the technical setup observed in the past 24 hours.