Market Overview for BOOK OF MEME/Tether (BOMEUSDT): 2025-09-24 12:00 ET – 2025-09-25 12:00 ET

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• Price action remained volatile but drifted lower overall, closing near a key Fibonacci support level.
• RSI indicated oversold conditions by the 24-hour close, suggesting potential short-term rebound.
• Volume surged during the early hours of the session but tailed off, reflecting waning conviction.
• A bullish reversal pattern emerged in the last candle, but it was quickly tested.
• Bollinger Bands showed moderate volatility, with price lingering near the lower band for much of the session.

BOOK OF MEME/Tether (BOMEUSDT) opened at 0.001725 on 2025-09-23 12:00 ET and closed at 0.001716 by 12:00 ET on 2025-09-24. The price touched a high of 0.001750 and a low of 0.001639 during the 24-hour period. Total volume was 1,575,852,275, while notional turnover amounted to approximately $2,734,036, indicating moderate liquidity.

Structure & Formations

Price action formed a bearish trend throughout the session, with a notable retracement into the 61.8% Fibonacci level from the recent high to low. Key support was observed near 0.001705, which held multiple times. A small bullish engulfing pattern formed in the final candle, but it was quickly retraced, suggesting buyers may be testing the level without full conviction. A doji appeared near 0.001704, signaling indecision in a high-volume period.

Moving Averages

On the 15-minute chart, the price closed below both the 20-period and 50-period moving averages, reinforcing the bearish bias in the near-term. The 50-period moving average acted as a dynamic resistance, with the price failing to close above it during the session. Daily moving averages (50, 100, and 200) were not directly referenced in the data but would likely show the asset remains below its key medium-term averages, indicating a continuation of the downtrend.

MACD & RSI

The RSI reached oversold levels during the session, dipping below 30 in the final hours and reaching a low of 28, suggesting potential for a short-term rebound. MACD remained bearish, with the histogram narrowing slightly in the final hour, indicating weakening bearish momentum. However, a potential divergence appeared as RSI bottomed while the histogram did not show a corresponding increase, signaling a cautious outlook for reversal.

Bollinger Bands

Price spent the majority of the session near the lower Bollinger Band, with a brief retest of the upper band during a mid-session rebound. Volatility remained moderate, with the bands narrowing slightly in the last hour of the session, indicating a potential consolidation period or a possible breakout attempt. A sustained move above the upper band could signal a short-term reversal, while a break below the lower band would reaffirm bearish sentiment.

Volume & Turnover

Volume spiked in the early hours of the session, particularly around the 0.001706–0.001720 range, reflecting increased selling pressure. Turnover aligned closely with these volume spikes, confirming the strength of the bearish moves. However, volume and turnover both declined sharply in the final 6 hours, suggesting waning interest and potential consolidation. Divergence appeared in the final hour, as price attempted a minor reversal without matching volume, which could imply weak conviction.

Fibonacci Retracements

Key Fibonacci retracements from the high of 0.001750 to the low of 0.001639 were tested throughout the session. The 61.8% retracement at 0.001706 acted as a strong support level, holding multiple times. The 38.2% retracement at 0.001723 also showed resistance during a mid-session attempt to rally, with the price failing to hold above it. A successful close above 0.001723 could signal a shift in sentiment, while a break below 0.001706 could accelerate the downtrend.

Backtest Hypothesis

For a backtest strategy, a potential signal could be generated when RSI falls into oversold territory (below 30) and the price tests key Fibonacci support levels. A long entry could be triggered upon a confirmed bullish reversal pattern at these levels, with a stop-loss below the next major support. Given the observed volume behavior, this signal would carry higher conviction if accompanied by a volume increase. If the price breaks above the 38.2% Fibonacci level with rising volume, it could validate the setup as a short-term reversal, making it a viable candidate for backtesting.