Market Overview for Band/Tether (BANDUSDT) on 2025-09-17

• Price drifted lower by ~6.4% over 24 hours, closing near a key support level.
• RSI suggests moderate oversold conditions, while volume surged during the downward move.
• Volatility expanded early morning, with a sharp drop below the 20-period MA.
• A bearish engulfing pattern formed near 0.715–0.717, signaling further bearish potential.
• Turnover spiked during late-night sell-off, confirming the bearish sentiment.

Band/Tether (BANDUSDT) opened at 0.722 on 2025-09-16 12:00 ET and closed at 0.701 by 2025-09-17 12:00 ET, with a high of 0.725 and a low of 0.700. The price action reflected a 6.4% decline over 24 hours, driven by a significant sell-off in the overnight session. Total volume amounted to 628,616.0, while notional turnover stood at $443,205.0.

Structure & Formations

The price drifted lower through the day, with key support levels forming around 0.715–0.717 and 0.708–0.710. A bearish engulfing pattern emerged during the 03:30–04:00 ET timeframe at 0.713–0.716, followed by a sharp breakdown below 0.710. A doji formed near 0.709–0.710 during the early morning, indicating indecision and a potential reversal if buyers step in. The most recent bearish move found support at 0.704–0.705, and this level may prove critical in the near term.

Moving Averages

On the 15-minute chart, the price closed below both the 20-period and 50-period moving averages, reinforcing the bearish momentum. The 20-period MA was at ~0.711 and the 50-period MA at ~0.713, both acting as short-term resistance levels. On a broader daily scale, the 50, 100, and 200-period MAs are aligned above the current price, signaling continued bearish bias for the near future.

MACD & RSI

The MACD crossed below the signal line in the early morning session and remained negative, indicating bearish momentum. The RSI dropped into the 28–30 range by 09:45–10:00 ET, suggesting moderate oversold conditions, but divergence was not observed. While the RSI could support a short-term rebound, confirmation from price action is required before considering a reversal.

Bollinger Bands

Volatility expanded during the overnight sell-off, with the Bollinger Bands widening significantly. Price action found support near the lower band (0.708–0.704) in the early hours, indicating strong selling pressure. The current price is now tightly within the bands, and a break below the lower band could signal an acceleration in the downward move.

Volume & Turnover

Volume surged during the overnight hours, with the largest single candle occurring at 04:00–04:15 ET with a volume of 20,977.9 and a turnover of $14,858.5. A clear positive correlation exists between volume and price decline, confirming the bearish sentiment. However, volume dipped during the 10:00–12:00 ET session, indicating a potential pause in the selling pressure.

Fibonacci Retracements

Key Fibonacci levels from the recent swing high (0.725) to the swing low (0.700) include 38.2% at 0.713 and 61.8% at 0.708. The 0.708 level acted as immediate support, and a break below 0.704 could test the next major Fibonacci level. The 38.2% level appears to be a minor resistance if the price attempts a rebound.

Backtest Hypothesis

Applying a backtesting strategy that targets Fibonacci retracements and RSI levels for short-term entry could yield favorable outcomes during such a bearish move. For example, entering short positions on a break below the 61.8% Fibonacci level (0.708) with a stop above the 38.2% level (0.713) and a target at the next support (0.704) may be a viable approach. However, due to the high volatility and lack of confirmation of oversold conditions, such a strategy should be used with caution and paired with a tight stop-loss.