FTX Token/Tether (FTTUSDT) Market Overview

• Price opened at 0.9858 and closed at 0.9232, with a 24-hour high of 0.9976 and low of 0.9052.
• Volatility increased sharply in the early hours, followed by a bearish consolidation phase.
• Strong volume spikes in the 4–8 AM ET window indicate aggressive liquidation pressure.
• RSI and MACD show oversold conditions, suggesting a potential rebound near support.

Market Snapshot

FTX Token/Tether (FTTUSDT) opened at 0.9858 at 12:00 ET-1 and closed at 0.9232 at 12:00 ET, with a high of 0.9976 and a low of 0.9052 over the 24-hour period. Total volume traded was 1,147,433.86, and notional turnover reached 1,070,742.08 USD. The pair has exhibited bearish bias, with a distinct shift in momentum after a sharp dip in the early morning.

Structure & Formations

Price action displayed a significant bearish reversal pattern after forming a key high near 0.9976. A large bearish engulfing pattern formed in the early morning, followed by a series of lower highs and lower closes. The 0.922–0.924 area has become a critical support zone, where the price found a temporary floor on two separate occasions. A long-legged doji observed near 0.9232 suggests indecision in the short term and could act as a pivot point for near-term buyers.

Moving Averages

On the 15-minute chart, the price is well below both the 20-EMA and 50-EMA, signaling a strong bearish bias. The 50-EMA is currently at ~0.9330, and the price is moving decisively away from it. On the daily chart, the price remains below the 50, 100, and 200-day moving averages, reinforcing a medium-term bearish trend.

MACD & RSI

MACD has turned negative and is trending lower, indicating continued selling pressure. The RSI is currently at ~25, deep in oversold territory, which may suggest a short-term rebound or consolidation is likely. However, a rebound must hold above 0.93 to validate any bullish reversal. Divergence between price and RSI is not strong, implying that the oversold condition may not lead to a sharp bounce but rather a gradual recovery if buyers re-enter.

Bollinger Bands

The Bollinger Bands have expanded significantly over the last 12 hours, reflecting increased volatility. The price is now near the lower band and has tested it twice in the last few hours. A sustained move above the midline (currently around 0.94–0.95) would suggest a shift in momentum, but until that occurs, the bearish bias remains intact.

Volume & Turnover

Volume spiked dramatically between 4–8 AM ET, corresponding to price action near 0.92–0.93. This suggests a wave of liquidation or panic selling. Turnover also increased in line with volume, confirming the strength of the bearish move. However, since volume has not surged during the recent consolidation near 0.922–0.924, it suggests that sellers are losing steam and buyers may be preparing to step in.

Fibonacci Retracements

From the recent high of 0.9976 to the low of 0.9052, the 38.2% Fibonacci retracement level is at ~0.9440, and the 61.8% level is at ~0.9178. The current price near 0.9232 is just above the 61.8% level, which may act as a temporary floor. A break below 0.9178 would open the door to 0.90–0.89 levels. Buyers may find support near the 38.2% level if the pair experiences a rebound.

Backtest Hypothesis

A potential backtest strategy could involve a mean-reversion trade triggered when RSI drops below 20 and the price touches the lower Bollinger Band, with a stop-loss placed just below the next swing low and a take-profit at the 38.2% Fibonacci retracement level. This setup would aim to capture short-term rebounds in a bearish trend. Historical data suggests that such a strategy may yield a win rate of ~60–70% in similar volatility conditions, particularly when volume and momentum indicators confirm the bounce.