FTX Token/Tether Market Overview (2025-10-11)

• FTX Token/Tether (FTTUSDT) posted a 24-hour range of $0.613–$0.7192, closing near the mid-range at $0.6879.
• Volatility surged midday, with a sharp selloff from $0.83 to $0.265 followed by a strong recovery.
• Volume spiked during the crash and rebound, but turnover diverged, suggesting potential exhaustion.
• Key support and resistance levels formed around $0.645–$0.69, with a bullish engulfing pattern near the high.
• RSI and MACD showed overbought levels during the rebound, indicating caution ahead of further gains.

Opening Summary

FTX Token/Tether (FTTUSDT) opened at $0.8237 on 2025-10-10 at 12:00 ET, reached a high of $0.8345, and a low of $0.2626 before closing at $0.6879 on 2025-10-11 at 12:00 ET. Over the 24-hour period, total volume amounted to 5.84 million FTT, and notional turnover reached approximately $3.63 million.

Structure & Formations

The 24-hour OHLCV data shows a dramatic bearish move from $0.83 to $0.265 during the late afternoon of October 10, followed by a strong reversal and recovery over the next 12 hours. The price rebounded strongly from the $0.57–$0.62 support range, with a notable bullish engulfing pattern observed near the $0.67–$0.69 level. A morning doji near $0.65 suggests indecision but was quickly resolved with a sharp upward move. Key resistance levels appear to be forming at $0.69–$0.71 and $0.65–$0.67, while support is likely to be tested around $0.64 and $0.62.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed from below to above during the recovery phase, signaling a potential short-term bullish bias. The price closed above both indicators, reinforcing the uptrend. On the daily chart, the 50-period SMA has crossed above the 200-period SMA, indicating a longer-term bullish crossover known as a “golden cross,” which could attract momentum traders.

MACD & RSI

The MACD crossed into positive territory during the late afternoon rebound and showed a strong bullish signal by the early evening hours. RSI reached overbought territory during the last few hours of the 24-hour period, peaking near 75. This suggests that further upward momentum may be limited in the short term and that a pullback or consolidation is likely. A bearish divergence between RSI and price during the selloff also hinted at potential exhaustion in the downward move earlier in the day.

Bollinger Bands

During the selloff, the price broke below the lower Bollinger Band, reaching as low as $0.2626 before bouncing back. This volatility expansion signaled a significant shift in sentiment. The price then spent most of the recovery within the upper and middle bands, suggesting a controlled and orderly rally. The width of the bands widened significantly during the selloff and has since contracted, which may indicate a period of consolidation ahead.

Volume & Turnover

Volume spiked sharply during the selloff, with a 15-minute candle on 2025-10-10 at 21:30 ET recording 619,842.89 FTT traded, representing one of the highest volumes of the 24-hour period. However, notional turnover during this candle was relatively lower, indicating a possible price-volume divergence. On the recovery side, the largest volume spike occurred during the early morning rebound, with a 15-minute candle at 2025-10-11 11:45 ET showing 150,664.51 FTT traded. The price closed near the upper end of the candle, signaling strong conviction in the move higher.

Fibonacci Retracements

Applying Fibonacci retracement to the major 15-minute swing from $0.2626 to $0.7192, key levels were tested at 50% ($0.4909), 61.8% ($0.5363), and 78.6% ($0.6269). The price found strong support around the 78.6% retracement level before continuing the rally. On a daily time frame, Fibonacci levels derived from the recent swing from $0.613 to $0.7192 show potential resistance at $0.655 and $0.695, which may act as psychological barriers in the near term.

Backtest Hypothesis

A potential backtest strategy could involve entering long positions on a bullish engulfing pattern that occurs after a 20-period MA crossover and within the 61.8%–78.6% Fibonacci retracement range. This pattern was observed on October 11 near $0.67–$0.69 and aligns with the RSI overbought signal and a strong MACD divergence. Exit targets could be set at the upper Bollinger Band or at the next Fibonacci level of $0.695–$0.7192. A stop-loss could be placed just below the 50% retracement level at $0.5363 or the recent support at $0.645. This approach combines trend-following, reversal signals, and volatility-based positioning for a balanced entry and exit framework.