Market Overview: Dogwifhat/Tether (WIFUSDT)

Summary
• Price surged to a 24-hour high of $0.44 before retracting to $0.42.
• Volatility expanded midday with a 15-minute spike to $0.440.
• Volume increased during bullish phases, with mixed momentum signals.
• RSI reached overbought levels but failed to confirm strong follow-through.
• 50-period moving average remained above price for most of the session.

Opening and Range

On 2025-11-05 at 12:00 ET, dogwifhat/Tether (WIFUSDT) opened at $0.426 and traded within a range of $0.412 to $0.440 over the next 24 hours, closing at $0.420 by 12:00 ET. The total trading volume amounted to approximately 17,872,144.81 units, with a notional turnover of $7,446,418.77.

Structure and Patterns

The 15-minute chart showed a strong bullish engulfing pattern around 23:00 ET, pushing the price to $0.440, followed by a bearish reversal later in the session. A key support level appears to have formed near $0.422, while resistance is likely near $0.435. A doji pattern emerged at $0.430, suggesting indecision in the market.

Moving Averages and Momentum

The 20 and 50-period moving averages on the 15-minute chart showed convergence, with price hovering slightly above the 50-period MA. The 50-period MA appeared to offer support, while the 20-period MA showed signs of divergence as price failed to close above it in the final hours. RSI peaked at 72, indicating overbought conditions, while MACD showed a bearish crossover after the price peak.

Volatility and Fibonacci Levels

Bollinger Bands expanded significantly during the bullish phase, with price reaching the upper band before retreating. The recent swing high of $0.440 and swing low of $0.415 aligned with Fibonacci retracement levels of 61.8% at $0.430 and 38.2% at $0.427, reinforcing the importance of these levels for near-term direction.

Turnover and Divergences

Turnover surged during the bullish breakout, with a 15-minute turnover spike of $258,530 at 23:00 ET. However, price failed to maintain this momentum, suggesting potential divergence between volume and price. This divergence raises questions about the sustainability of further gains unless volume increases accompany the next upward move.

Backtest Hypothesis

The 24-hour price action aligns with a classic scenario for testing Bullish Engulfing signals, particularly the one observed near $0.440. To evaluate the robustness of this signal, a backtest could be initiated using the earliest available data for WIF/USDT. If we proceed with option A—starting the backtest from the listing date—this could include identifying all prior Bullish Engulfing patterns, simulating a 3-day holding period, and analyzing win rate, average return, and drawdowns. This would help determine whether the pattern has historically provided reliable entry points for WIF/USDT.