Market Overview: API3/Tether (API3USDT) 24-Hour Technical Summary

• API3/Tether (API3USDT) fell 24.1% to close at $0.6960, breaking key support levels.
• High volume confirmed the bearish trend, with a 200,000+ turnover spike near the session low.
• RSI and MACD aligned in bearish momentum, with no overbought conditions seen.
• Price tested Bollinger Band lower bounds and Fibonacci 61.8% retracement level.
• A sharp rebound after 09:00 ET failed to reverse the downtrend, reinforcing bearish bias.

At 12:00 ET–1 on 2025-10-13, API3/Tether (API3USDT) opened at $0.7535, reached a high of $0.8097, and closed at $0.6960 as of 12:00 ET on 2025-10-14. The 24-hour period saw a total volume of 9,781,074.78 units and a notional turnover of $6,838,663.89, with strong bearish confirmation observed during the price decline.

The structure of the 24-hour candlestick pattern for API3USDT reveals a deep bearish reversal from a moderate uptrend to a sharp decline. A long lower shadow near the open suggested short-lived bullish attempts, while the final close near the session low confirmed the breakdown of key support levels. A notable engulfing pattern occurred at the session peak around 00:15 ET, which reversed the upward momentum and triggered a sharp correction. A doji formed at the 05:45 ET candle, signaling indecision and exhaustion in the short-term rally, which failed to hold above the 0.7200 level.

Moving averages reinforce the bearish bias. The 15-minute chart shows a clear breakdown below the 20- and 50-period moving averages, which failed to provide support during the critical 05:00–06:45 ET period. On the daily chart, API3USDT closed below all major moving averages, including the 50, 100, and 200-period lines, suggesting continuation of the broader bearish trend. The price appears to be in a medium-term downtrend, with no signs of retesting previous highs in the near term.

Bollinger Bands show increasing volatility during the first half of the session, with the upper band reaching as high as $0.8097. However, after 02:00 ET, volatility contracted sharply before expanding again with the price breaking the lower band. The current close of $0.6960 is near the 61.8% Fibonacci retracement level of the prior 12-hour swing high (0.761–0.792), indicating a potential short-term floor. If the price continues to decline past 0.6714 (38.2% retracement), it may test the 0.6500 psychological level next.

Backtest Hypothesis
A proposed backtest strategy involves identifying oversold conditions using the 14-period RSI for API3USDT. While an attempt to fetch the RSI data resulted in an internal error, the recent price action suggests that API3USDT has been in a consistent bearish phase with no signs of entering overbought or oversold territory in the past 24 hours. A successful implementation of the RSI-based strategy would likely involve identifying RSI levels ≤ 30 as potential buy signals. Given the current trend and RSI behavior, such a strategy may require additional filtering (e.g., volume confirmation or divergence checks) to avoid false signals. A retry using a more standardized symbol format (e.g., “BINANCE:API3USDT”) is recommended before implementing this strategy.