Market Overview for Bonk/Tether (BONKUSDT): 24-Hour Summary as of 2025-10-08

• BONKUSDT opened at $0.00001990 and closed at $0.00001974, with a 24-hour high of $0.00002034 and a low of $0.00001955.
• The price trended lower from a midday high, with bearish momentum intensifying after 20:30 ET.
• RSI approached overbought territory before a sharp reversal occurred, signaling potential bearish exhaustion.
• Volatility expanded during the bullish surge to $0.00002034, followed by a contraction during the selloff.
• Notional turnover reached $207B, with volume concentrated during the midday and afternoon sell-off phase.

Bonk/Tether (BONKUSDT) opened at $0.00001990 on 2025-10-07 at 12:00 ET and closed at $0.00001974 by 12:00 ET the following day, hitting an intraday high of $0.00002034 and a low of $0.00001955. Total notional turnover for the 24-hour period reached $207.05 billion, driven by a peak in volume during the afternoon sell-off.

Structure & Formations

Price action on the 15-minute chart displayed a bearish reversal following a short-lived bullish spike above $0.00002010. A sharp bearish candle at 20:30 ET confirmed a breakdown from a midday high, with a low at $0.00001955 acting as a potential support level. A morning engulfing pattern from 12:00 to 12:30 ET hinted at initial bullish momentum, which was later negated by bearish dominance after the $0.00002000 psychological level was tested.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed to the bearish side after 16:00 ET, aligning with the downward momentum. The 20SMA crossed below the 50SMA, reinforcing a short-term bearish bias. While no daily MA data is provided, the price is expected to trade below key 50- and 200-day averages, based on the 24-hour downtrend.

MACD & RSI

The RSI peaked at 69 during the bullish leg, approaching overbought territory before reversing sharply lower. The MACD histogram showed a bearish divergence with price during the afternoon selloff, confirming weakening bullish momentum. A bearish crossover occurred just before the 19:30 ET low, suggesting a potential continuation of the downtrend.

Bollinger Bands

Bollinger Bands expanded during the bullish phase, with price reaching the upper band at $0.00002034. The bands then contracted during the bearish phase, with price closing near the lower band at $0.00001955. This suggests a potential short-term equilibrium is being reestablished, though volatility remains elevated.

Volume & Turnover

Volume spiked to $38.81 billion at 19:15 ET during the selloff, confirming bearish sentiment. The largest notional turnover of $207B occurred during the 12:00–15:00 ET window, coinciding with the bearish reversal and breakdown from $0.00002000. Price and volume actions aligned during the key bearish candles, suggesting a strong shift in market sentiment.

Fibonacci Retracements

Key Fibonacci levels from the $0.00001955 low to the $0.00002034 high were tested. The $0.00001990 level (38.2% retracement) acted as a temporary support, while the $0.00001970 level (61.8% retracement) may offer near-term support. A break below $0.00001970 could target the $0.00001955 swing low.

Backtest Hypothesis

A potential backtest strategy involves shorting on a bearish engulfing pattern formation above the 20SMA, confirmed by a bearish MACD crossover and a RSI divergence. Stops could be placed above the previous 15-minute high, with targets at the 61.8% and 78.6% Fibonacci retracement levels. Given the recent bearish momentum and confirmation through volume and technical indicators, this setup may have yielded profitable short positions during the 19:15 ET candle.