Market Overview: dogwifhat/Tether (WIFUSDT) 24-Hour Price Analysis

• Price opened at $0.468 and closed at $0.484 after a volatile 24-hour session.
• Strong bullish momentum with overbought RSI levels suggest caution.
• Volume surged at key breakout moments, confirming price strength.
• A Bearish Engulfing formation was visible mid-session but later reversed.
• A 15-minute consolidation before a sharp rally hints at short-term buying pressure.

Price Action and Momentum

The dogwifhat/Tether pair (WIFUSDT) opened at $0.468 on 2025-11-08 at 12:00 ET and closed at $0.484 by 12:00 ET the following day. During this 24-hour window, the price touched a high of $0.487 and a low of $0.451. Total volume reached 11,120,898.57 units, and the notional turnover amounted to $5,440,430.26, reflecting increased activity and price volatility.

Structure and Candlestick Patterns

Key support levels emerged at $0.459 and $0.453, with resistance forming around $0.475 and $0.484. A notable Bearish Engulfing pattern appeared on the 15-minute chart at 19:30 ET, signaling a short-term reversal. However, bullish momentum reasserted itself with a strong green candle at 14:30 ET, which marked the beginning of a sharp rebound. A doji near $0.478 at 16:15 ET indicated indecision but was quickly resolved to the upside.

Moving Averages and Bollinger Bands

On the 15-minute chart, price broke above the 20-period and 50-period SMAs, indicating bullish momentum. Bollinger Bands showed a contraction just before the breakout, followed by a rapid expansion as price surged. The 20-period EMA is currently at $0.477, while the 50-period is at $0.473, both lagging the current price action, suggesting a continuation of the bullish trend.

MACD and RSI Analysis

The MACD turned positive and crossed above the signal line, confirming the bullish breakout. RSI hit overbought territory near 75, suggesting the pair may face resistance or consolidate before breaking higher. However, divergence was not observed between price and RSI, supporting the strength of the current trend.

Volume and Turnover Insights

Volume surged during the morning hours of 11-12 ET and again at 14:30 ET, coinciding with the key price moves. The most significant spike occurred at 14:30 ET, with a volume of 1,104,196.42 units, where the price moved from $0.474 to $0.481. Turnover increased in tandem with these price moves, showing no divergence and validating the strength of the rally.

Fibonacci Retracements

Applying Fibonacci levels to the most recent 15-minute swing (from $0.451 to $0.487), the 61.8% retracement level is at $0.468, which has acted as a dynamic support/resistance area. On a daily chart, the 38.2% retracement of the recent bearish move aligns with the 20-period SMA at $0.477, suggesting a potential continuation if the current trend holds.

Backtest Hypothesis

The attempt to backtest a Bearish Engulfing short strategy on WIFUSDT was inconclusive due to a data retrieval issue, as the system could not find this asset in its historical coverage. Before proceeding with backtesting, it’s essential to verify the ticker symbol and confirm the exact asset. “WIFUSDT” is likely correct, but if the token was listed after 2022, data may not be available for backtesting on all platforms.

Furthermore, clarification is needed on the trading intention: is the strategy to short the pair upon a Bearish Engulfing pattern and close after 24 hours, or to close a long position based on this pattern? Once the ticker is verified and the strategy refined, a focused backtest can be conducted using the 15-minute OHLCV data provided. This would allow for testing of both entry and exit logic within a consistent framework.