IDEX/Tether (IDEXUSDT) Market Overview – October 31, 2025

• IDEX/Tether traded in a narrow range during the 24-hour period, with a high of 0.01949 and a low of 0.01838.
• A bearish reversal pattern emerged mid-day, followed by a modest rebound in the evening.
• Volume surged in the early morning hours, indicating increased participation.
• RSI remained below overbought levels, suggesting limited upside momentum.
• Bollinger Bands showed a period of contraction early in the session, signaling potential volatility.

IDEX/Tether (IDEXUSDT) opened the 24-hour period at 0.01881 and closed at 0.01942 at 12:00 ET. The pair reached an intraday high of 0.01949 and a low of 0.01838, with a total traded volume of 21,813,806.7 and a notional turnover of 412,036.6 USDT. The price action displayed a choppy morning session followed by a more defined bullish move in the latter half of the day.

Structure and formations revealed a key support level forming around 0.01860 and a resistance zone near 0.01940. A bearish engulfing pattern formed around 17:30–18:00 ET, signaling potential bearish momentum, followed by a bullish counter-trend rally in the overnight session. A small-bodied doji near 0.01940 suggested indecision among traders at recent highs. These patterns imply that the market is consolidating after a prior bearish phase, with potential for further consolidation or breakout.

The 20-period and 50-period moving averages on the 15-minute chart crossed closely during the late afternoon, indicating short-term volatility. The 50-period line remained below the 100 and 200-period lines on the daily chart, confirming a bearish bias in the medium term. MACD showed a narrowing histogram with a weak bullish crossover near the session’s end, suggesting limited follow-through. RSI hovered between 50 and 60, with no signs of overbought conditions, indicating that momentum remains neutral.

Bollinger Bands tightened between 0.01850 and 0.01890 early in the session, foreshadowing a potential breakout. Price then moved into the upper half of the bands, aligning with a period of increased volume. The expansion of the bands after 20:00 ET coincided with the price action breaking above the midline, suggesting a continuation of the upward move. Notable volume spikes occurred during the morning and overnight hours, aligning with price highs, reinforcing the bullish momentum observed during those periods.

Fibonacci retracements applied to the major 15-minute swing from 0.01838 to 0.01949 indicated key levels at 0.01869 (23.6%), 0.01900 (38.2%), and 0.01926 (50%). The price stalled near the 50% level before moving higher, suggesting short-term resistance. Daily retracements from a recent swing indicated a 61.8% level near 0.01925, where the price tested before rallying further. This suggests that the market may continue to consolidate near this key level.

Backtest Hypothesis
The Bearish Engulfing pattern detection strategy relies on identifying and acting on clear reversal signals in the price action. Given the presence of such a pattern in this data set, a backtest could assess the viability of shorting the pair immediately after the pattern forms, with a stop-loss placed above the high of the engulfing candle and a take-profit at the prior swing low. The recent 15-minute candlestick data provides a suitable sample for testing this strategy, especially considering the volume confirmation seen in the pattern. However, the absence of a direct price feed for IDEXUSDT complicates the automatic detection process, requiring alternative data identification or manual input of the signal dates.