Market Overview for Axie Infinity/Tether (AXSUSDT)

Summary
• Price surged from 1.413 to 1.502 before consolidating to 1.402 by the close.
• Strong volume driven by bullish breakouts and bearish reversals in the 2025-11-09 15-minute chart.
• RSI and MACD likely overbought during the 1.502 high but bearish divergence appeared as the price dropped.

The AXSUSDT pair opened at 1.413 on 2025-11-08 12:00 ET, surged to a high of 1.502, and closed at 1.402 by 2025-11-09 12:00 ET. Total 24-hour volume amounted to 5,417,685.43, with notional turnover of approximately $7,832,240.10.

Price action shows a strong bullish breakout during the early evening hours, forming a key resistance around 1.502, followed by a bearish reversal marked by declining volume and bearish candlestick patterns such as the Bearish Engulfing and Evening Star. Key support appears near 1.395–1.400, where price found a short-term floor. The 20-period and 50-period EMA on the 15-minute chart crossed to bullish during the breakout phase but later diverged as price retreated.

Bollinger Bands widened during the breakout and contraction phase, reflecting increased volatility. Price traded near the upper band during the high and near the mid-band during the consolidation. The 20-period RSI likely spiked above 70 during the peak at 1.502, indicating overbought conditions. As the price dropped, RSI pulled back into neutral territory but showed bearish divergence with volume.

Fibonacci retracement levels on the 1.413–1.502 move suggest a potential short-term target near 1.382–1.374 for a deeper correction. The 61.8% level at 1.445 could act as a key psychological barrier for buyers in the next 24 hours.

Backtest Hypothesis

To validate the recent bearish reversal, a potential strategy could involve using RSI-14 and Bearish Engulfing patterns to identify sell entries. The RSI-14 overbought threshold at 70 and the formation of bearish patterns at key resistance levels (e.g., 1.502–1.447) suggest potential sell triggers.

Given the high volume during the sell-off and bearish divergence in the 15-minute OHLCV data, a backtest using these signals could help quantify the strength of the reversal. If executed, trades would likely use “next day open” pricing, with a stop-loss placed above key resistance and a take-profit target at the 61.8% Fibonacci level.