Market Overview: Dash/Tether USDt (DASHUSDT) – 24-Hour Candlestick Analysis

• Price action showed a sharp intraday high of $24.08 before retracing to end near $23.59
• Volatility expanded during early session, with high-volume candle swings between 23.62 and 24.11
• RSI indicated overbought conditions during midday, followed by a correction into oversold territory
• Bollinger Bands showed a contraction before a breakout, suggesting potential trend continuation or reversal
• Final 4-hour candle closed bearish on declining turnover, hinting at potential bearish continuation

Dash/Tether USDt (DASHUSDT) opened at $23.72 on 2025-09-05 at 12:00 ET and traded as high as $24.11, as low as $23.41, and closed at $23.59 by 12:00 ET on 2025-09-06. The 24-hour volume was 18,740.41 units and the total turnover amounted to $452,428.49, indicating active price movement with strong liquidity across key price levels.

Structure & Formations

The price structure of DASHUSDT displayed multiple notable patterns. A strong bullish engulfing candle formed around 19:15 ET as price surged from $24.01 to $24.07 after a prior bearish candle. Later, a bearish engulfing pattern emerged around 05:30 ET as price fell from $23.81 to $23.68, signaling a potential bearish shift. A doji appeared near $23.91 at 05:15 ET, reflecting indecision among traders. Key support levels were identified at $23.60 and $23.41, with resistance at $23.91 and $24.08.

Moving Averages and Momentum

On the 15-minute chart, price crossed both 20 and 50-period moving averages twice—first to the upside during the midday rally, and then to the downside during the late session breakdown. The 50-period MA acted as resistance early in the session, while the 20-period MA provided dynamic support in the afternoon. For the daily chart, the 50-period moving average crossed below the 100-period moving average, indicating a bearish bias. The 200-period MA remained above the price, suggesting the asset is still in a longer-term consolidation phase.

The RSI began the session in overbought territory and dropped sharply into oversold territory by the session’s end, showing a strong bearish shift in momentum. MACD lines showed divergence during the late afternoon sell-off, with the histogram shrinking and turning negative, reinforcing bearish sentiment.

Bollinger Bands and Volatility

Volatility expanded significantly between 19:00 and 22:00 ET as price moved between the upper and lower Bollinger Bands. A contraction in band width occurred during the overnight hours (04:00–06:00 ET), indicating a potential breakout or breakdown was imminent. The final 4-hour candle closed below the 20-period lower Bollinger Band, suggesting a continuation of the bearish bias.

Volume and Turnover

Volume surged during the midday rally and the afternoon breakdown, with notable spikes around 19:00 ET and 05:30 ET. Turnover also spiked during these periods, confirming the price movements. However, in the last 4 hours, volume declined while price remained bearish, indicating potential exhaustion in the short-term bear trend. A divergence between volume and price action during the late evening hours may signal a near-term reversal or consolidation.

Fibonacci Retracements

On the 15-minute chart, key Fibonacci retracement levels played a role in the price action. The 38.2% and 61.8% retracement levels from the 24.08 high were tested at $23.91 and $23.73, respectively, before the price broke to the downside. On the daily chart, the 61.8% level from the recent high at $24.11 is aligned with the support at $23.60, suggesting a potential consolidation zone if the price stabilizes in that range.

Backtest Hypothesis

Given the strong bearish engulfing pattern and the breakdown below the 20-period Bollinger Band, a short-term bearish strategy could be backtested using a 15-minute timeframe. A potential setup would involve entering a short position on a confirmed close below the 20-period MA with a stop-loss above the 38.2% Fibonacci retracement level. Target levels could be set near key support at $23.60 and $23.41, using RSI and MACD divergence as exit signals. This strategy aligns with the observed momentum shift and high volatility, offering a high-probability trade setup in a clear bearish trend.