Market Overview for dogwifhat/Tether (WIFUSDT): 24-Hour Price Action and Volatility

• Price opened at $0.764 and closed at $0.767 after a volatile 24-hour session.
• A sharp sell-off occurred overnight, pushing price down to $0.761 before a modest recovery.
• On-balance volume surged during the sell-off, but turnover failed to confirm strong bearish conviction.
• RSI and MACD showed bearish divergence, hinting at potential near-term oversold conditions.
• Bollinger Bands widened significantly during the 12-hour downturn, suggesting heightened volatility.

The 24-hour trading session for dogwifhat/Tether (WIFUSDT) began at 0.764 and closed at 0.767 on 2025-10-03, following a sharp selloff and partial recovery. The pair hit an intraday high of 0.796 and a low of 0.759. Total volume for the period was 15.43 million, with a notional turnover of ~$12.1 million. The price action suggests a volatile but mixed sentiment, with volume and turnover diverging in several key areas.

Key support levels emerged around 0.761–0.763 during the overnight sell-off, where price found temporary buyers. Resistance appears to be forming near 0.776–0.779, a zone that has been tested multiple times over the past 24 hours. A notable bullish engulfing pattern appeared at 0.773 during the recovery phase, suggesting short-term buying pressure, though it was followed by a doji at 0.771, which may indicate indecision.

The 20-period and 50-period moving averages on the 15-minute chart show bearish crossovers, with the 50 MA currently above the 20 MA. On the daily chart, the 50/100/200 MA setup remains neutral to slightly bearish, with price hovering just above the 200-day line. MACD remained in negative territory, with a bearish crossover and declining histogram, while RSI dipped into oversold territory during the selloff, offering potential for a short-term bounce.

Bollinger Bands exhibited a wide expansion during the overnight sell-off, indicating heightened volatility. Price has since retracted toward the lower band, suggesting a possible rebound. The 38.2% and 61.8% Fibonacci retracement levels from the 0.761 to 0.776 swing appear to align with key support and resistance levels. Volume spiked during the sell-off, but notional turnover failed to follow suit, raising questions about the conviction behind the move.

The next 24 hours may see a test of the 0.761–0.763 support area, with a potential rebound into the 0.770–0.775 range. A break below 0.761 could signal further consolidation toward 0.755–0.760, but given the recent RSI oversold reading, a short-term bounce is probable. Investors should remain cautious about the lack of volume confirmation during key price declines, which may indicate weak bearish conviction.

Backtest Hypothesis
A backtest strategy could target the 0.761–0.763 support zone, entering long on a retest with a stop loss below 0.759. The 0.770–0.775 range offers a target for a potential rebound, supported by the 38.2% Fibonacci level and prior resistance-turned-support. Position sizing should be conservative due to the volatile nature of the 15-minute time frame and mixed volume signals.