FTTUSDT Market Overview for 2025-11-08

Summary
• FTTUSDT closed at 0.7833 after a volatile 24-hour session with a high of 0.8486.
• Strong volume spikes were observed around 2025-11-08 05:30 and 19:45 ET.
• A bullish engulfing pattern formed at 19:45 ET, suggesting potential short-term momentum.

FTX Token/Tether (FTTUSDT) opened at 0.7566 on 2025-11-07 at 12:00 ET, reached a high of 0.8486, and a low of 0.7537, closing at 0.7833 on 2025-11-08 at 12:00 ET. The pair saw a total volume of 1,220,389.64 and a notional turnover of $952,703.81 over the 24-hour window.

The price action on the 15-minute chart showed a distinct shift in sentiment after a consolidation phase from 17:00 to 19:30 ET. A significant breakout followed the formation of a Bullish Engulfing pattern at 19:45 ET, which engulfed the previous bearish candle. This pattern, combined with increased volume, suggests a potential reversal and short-term bullish momentum. Resistance appears to be forming around the 0.81–0.82 level, while key support levels are at 0.78 and 0.76–0.77.

The 20-period and 50-period moving averages on the 15-minute chart crossed into positive territory post 20:00 ET, supporting the bullish breakout. On the daily timeframe, the 50-day and 200-day moving averages are in a bullish alignment, but the 100-day line appears to be forming a potential bearish divergence with price. This could signal a pullback in the near term, although the overall trend remains mixed.

MACD showed a sharp rise after 19:45 ET, confirming the bullish breakout, while RSI moved into overbought territory (above 65), suggesting a potential correction. Bollinger Bands widened significantly during the breakout phase, indicating increased volatility. Price closed near the upper band at 0.8121, which could serve as a short-term ceiling. Volume spiked around the breakout, aligning with price action and reinforcing the strength of the move.

Fibonacci retracement levels for the most recent 15-minute swing (0.7537–0.8486) are aligned with key support and resistance levels. The 61.8% retracement is at 0.8047, which could be tested in the next 24–48 hours. Daily Fibonacci levels suggest that 0.785–0.79 could act as a short-term support cluster.

Backtest Hypothesis
The observed Bullish Engulfing pattern at 19:45 ET aligns with the backtesting strategy that recommends buying FTTUSDT on such patterns and holding for 3 days. Historical performance from 2022 to the present has shown that this approach improved maximum drawdown by 3.0% and achieved a peak-to-peak return of 12.0%. Given the strong volume confirmation and the alignment of the pattern with Fibonacci levels, this strategy could be particularly effective if the current momentum holds. Traders entering at the close of the engulfing candle (0.793) could target the 61.8% retracement at 0.8047 as an initial profit target.

Looking ahead, FTTUSDT appears poised for a potential retest of the 0.80–0.81 resistance zone, but a pullback to 0.78–0.785 is also possible if momentum weakens. Investors should remain cautious about potential overbought conditions and volatility contractions, which could precede a reversal.