Market Overview: dogwifhat/Tether (WIFUSDT) on 2025-10-10

• WIFUSDT opened at $0.696 and closed at $0.681, with a 24-hour high of $0.744 and low of $0.668.
• Momentum indicators show overbought and oversold conditions, suggesting potential reversal points.
• Volatility expanded during the session, with high volume observed during late ET hours.
• A bearish engulfing pattern emerged during a key high near $0.741, indicating possible downward pressure.

Opening and Closing Summary

The WIFUSDT pair opened at $0.696 on 2025-10-09 at 12:00 ET and closed at $0.681 on 2025-10-10 at 12:00 ET, recording a 24-hour high of $0.744 and a low of $0.668. The total volume traded over the 24-hour period was 35,142,530.52, and the notional turnover amounted to approximately $24,532,961. The price action suggests a bearish shift, with a significant selloff occurring in the late hours of the session.

Structure & Key Levels

The candlestick data reveals multiple key levels. A strong resistance appears to have formed at $0.744, where a bearish engulfing pattern emerged, indicating potential reversal. Notable supports are visible at $0.700 and $0.679, both of which were tested during the session. A doji pattern appears near the 24-hour low of $0.668, suggesting indecision at the bottom. These levels may serve as critical inflection points in the near term.

Indicators and Momentum

The RSI hit overbought levels during the late morning ET hours before dropping to oversold conditions by the session's end, pointing to a strong bearish shift. The MACD crossed into negative territory, signaling a loss of upward momentum. On the 15-minute chart, the 20-period MA dipped below the 50-period MA, forming a bearish crossover. These signals reinforce the bearish bias and could indicate further downward movement.

Volatility and Volume Profile

The price action displayed significant volatility expansion during the 15-minute chart, particularly between $0.730 and $0.679. The Bollinger Bands widened as the price approached these levels. Volume spiked in the late hours of the session, especially between 15:00 and 16:00 ET, with the highest turnover observed near the 24-hour low. However, price and volume did not align perfectly; while volume was high, price continued to drop, indicating bearish conviction.

Backtest Hypothesis

The backtest strategy involves identifying bearish engulfing patterns at key resistance levels and entering short positions when RSI reaches overbought territory and the 20-period MA crosses below the 50-period MA. Stops would be placed just above the engulfing pattern’s high, with targets aligned to the next Fibonacci retracement levels at 61.8% (approx. $0.679) and 38.2% (approx. $0.690). This approach appears to align with the observed price action and could be backtested for robustness across similar 15-minute candle patterns.