Chiliz/Tether Market Overview for 2025-11-07

Summary
• Chiliz/Tether (CHZUSDT) closed higher, gaining 13.1% with a 24-hour high of $0.03327.
• Strong volume and momentum indicate bullish engagement in the final hours of the day.
• Volatility expanded, with price breaking above key resistance levels into a new range.

Market Overview

At 12:00 ET-1 on 2025-11-06, CHZUSDT opened at $0.02857 and closed at $0.03302 by 12:00 ET on 2025-11-07. The pair reached a high of $0.03327 and a low of $0.02835, with a total 24-hour volume of 95,219,509 CHZ and a notional turnover of $3,113,372. The price action showed a strong upward bias in the last 6 hours, with multiple bullish candlestick formations supporting the rally.

Structure & Formations

The price structure on the 15-minute chart showed a clear bullish trend from 19:30 ET on the 6th, with a key breakout above the $0.0294 resistance level. A series of bullish engulfing patterns formed between 21:30 ET and 00:30 ET on the 7th, indicating strong buying pressure. A potential support level was identified at $0.0292, which held during a minor pullback but failed to contain the upward momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were both bullish, with the 20 MA crossing above the 50 MA in the morning session. On the daily chart, the 50-period MA sat below the 200-period MA, suggesting a longer-term bearish trend, though the 1-day move showed a clear reversal.

MACD & RSI

The MACD turned positive after 19:30 ET on the 6th and remained above the signal line for much of the session, indicating sustained bullish momentum. RSI reached overbought levels above 70 by 16:00 ET on the 7th, a sign of extended buying pressure. However, divergence was not observed in the final hour, suggesting continued strength may persist.

Bollinger Bands

Volatility increased significantly in the final 6 hours of the session, with the price breaking above the upper Bollinger Band on the 15-minute chart. This expansion suggested a high-risk, high-reward move, with the band width reaching 12.5% at its peak. The price has not yet tested the lower band during the 24-hour period.

Volume & Turnover

Volume spiked sharply in the late afternoon and evening, with the largest 15-minute candle (22:30 ET on the 6th) printing a volume of 3.64M CHZ. Turnover increased in line with price, with no divergence noted between the two. The final 6 hours accounted for over 60% of the total 24-hour volume, indicating strong accumulation.

Fibonacci Retracements

Applying Fibonacci to the recent swing low at $0.02835 and swing high at $0.03327, key retracement levels include 38.2% at $0.0308 and 61.8% at $0.0299. The price is currently testing the 61.8% retracement level on the 15-minute chart, which could offer a potential area of consolidation or reversal.

Backtest Hypothesis

A potential backtest strategy involves identifying Bullish-Engulfing candlestick patterns and entering long positions at the next day's open, with an exit at the close. Based on the technical structure and momentum observed in the 24-hour data, such a strategy could have captured the recent upward thrust if applied to a suitable security. For a successful backtest, please clarify the target securities and confirm the execution rules for entry/exit and benchmarking.