Market Overview for DODO/Tether (DODOUSDT): Volatility and Accumulation in 24-Hour Window

• Price opened at $0.0308 and closed at $0.0301, with a 24-hour high of $0.0322 and low of $0.0287.
• Volatility expanded midday as price dropped ~6.7% from $0.0317 to $0.0297 in under 3 hours.
• Volume surged above 1.5M at 05:15 ET as price collapsed to 0.0304, followed by renewed accumulation below $0.0305.
• RSI hovered in oversold territory after the selloff, suggesting potential for a short-term rebound.
• Bollinger Bands widened during the selloff, indicating heightened uncertainty in the market.

The DODO/Tether (DODOUSDT) pair opened at $0.0308 on October 29 at 12:00 ET and closed at $0.0301 on October 30 at the same time, reaching a high of $0.0322 and a low of $0.0287 during the period. Total volume amounted to approximately 12.7 million units, while notional turnover totaled $3.8 million. The session featured significant price swings and a midday collapse, followed by stabilizing accumulation.

Structure and formations suggest a key support level forming around $0.0297–$0.0301, with the price repeatedly finding buyers after falling below $0.0305. Notable bearish formations include a large red candle on 05:15 ET and a long lower shadow at 07:45 ET, which may reflect panic selling and some short-covering. A bullish harami at 08:15 ET on October 30 hinted at a potential reversal, though follow-through remained weak. The price appears to be in a consolidation phase after the sharp correction, with buyers showing interest in the $0.0295–$0.0303 range.

Moving averages on the 15-minute chart show a bearish crossover with the 20-period line dipping below the 50-period line around 06:00 ET, confirming the bearish momentum. On the daily chart, the 50- and 200-period lines are in a bearish alignment, which may reinforce a continuation of the downtrend. The 50-period line currently sits at $0.0306, while the 200-period line is at $0.0310, suggesting resistance in the near-term if the pair tests those levels.

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Momentum indicators reveal a clear divergence between the price and RSI, which has spent most of the 24 hours in oversold territory. The RSI bottomed near 25 as the price fell to $0.0297, hinting that further selloff pressure may be exhausted. Meanwhile, the MACD line crossed below the signal line around 06:00 ET, confirming the bearish momentum. The histogram has been consistently negative, suggesting sellers continue to dominate the market. If the MACD fails to cross above the signal line, the pair could remain in a downtrend for the next 24 hours.

Bollinger Bands expanded as the price dropped midday, with the lower band sitting around $0.0294 and the upper band at $0.0316. The price is now trading closer to the lower band, which aligns with the oversold RSI reading. This position suggests a potential for a short-term bounce, but only if volume supports it. Volatility remains elevated, and any breakout from the Bollinger range could signal a continuation of the trend or a reversal.

Fibonacci retracement levels from the recent high at $0.0322 to the low at $0.0287 suggest key levels to watch: 38.2% at $0.0303 and 61.8% at $0.0294. The price has tested the 38.2% level multiple times, with mixed results. A sustained break below the 61.8% level could confirm a deeper correction, possibly toward the next Fibonacci level at $0.0282. Buyers may look for a retest of the 38.2% level for a potential reversal entry.

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Backtest Hypothesis

The backtest strategy aims to identify and act on Bullish Engulfing candlestick patterns on the 15-minute chart, holding the position for 3 days. To ensure the strategy functions correctly, the exact data source format must be used. Possible symbol formats include BINANCE:DODOUSDT or DODO/USDT on Binance, OKX, or Huobi. If the perpetual swap is intended, DODOUSDT.PERP may be required. Clarifying the exact symbol and exchange will ensure accurate signal detection and performance evaluation. If the Bullish Engulfing signal dates have already been extracted, those can be provided directly to run the backtest without requiring further data retrieval.

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