Market Overview for dYdX/Tether (DYDXUSDT) – 24-Hour Analysis as of 2025-09-22

• dYdX/Tether (DYDXUSDT) experienced a sharp bearish reversal, falling from a high of 0.7031 to a 24-hour low of 0.6104.
• The pair closed at 0.6050, down from an open of 0.6848, indicating a volatile session with strong bear momentum.
• High volume was observed during the sell-off phase, particularly between 00:00–03:00 ET, with a peak turnover at 0.6470.
• Overbought RSI conditions gave way to oversold territory, while Bollinger Bands expanded sharply during the drop.
• Fibonacci retracement levels from the recent high suggest possible support at 0.618–0.623 and resistance at 0.630–0.635.

dYdX/Tether (DYDXUSDT) opened at 0.6848 on 2025-09-21 at 12:00 ET and closed at 0.6050 at 12:00 ET on 2025-09-22. The pair reached a high of 0.7031 and a low of 0.6104. Total traded volume amounted to 18,851,263.39, with a notional turnover of approximately $11,649,866. The session was marked by a sharp bearish reversal after a brief bullish breakout.

The price action displayed a clear bearish divergence over the 24-hour period, with key resistance levels at 0.6885–0.6913 being overwhelmed by bearish momentum. A large red candle at 00:00 ET (0.6871–0.6887) opened the bearish phase, followed by a massive bearish candle at 00:45 ET (0.6832–0.6763), which marked the beginning of the steep decline. Notable patterns included a shooting star at 0.7031 and a bearish engulfing pattern forming at 0.6934–0.6897. Support levels at 0.6500 and 0.6200 were briefly tested before the pair closed near 0.6050, with a possible short-term floor forming around 0.605–0.610.

Moving averages on the 15-minute chart showed a bearish crossover, with the 20-period (SMA) falling below the 50-period during the sharp selloff. On the daily timeframe, the 50-period SMA crossed below the 100 and 200-period SMAs, reinforcing the bearish trend. The 50-day line sits around 0.623, which aligns with Fibonacci retracement support levels, suggesting a potential consolidation or bounce could occur if the price stabilizes above 0.623.

The MACD turned negative early in the session, confirming the shift in momentum. RSI dropped rapidly from overbought (75) to oversold (25), indicating a significant exhaustion of bullish buyers. Bollinger Bands showed a wide expansion during the drop, reflecting high volatility. Price closed near the lower band at 0.6050, suggesting a possible rebound if short-term buyers enter. However, a break below 0.600 could push the pair toward deeper Fibonacci levels at 0.595 (38.2%) and 0.575 (61.8%).

Backtest Hypothesis
Given the recent bearish divergence and key Fibonacci support levels identified, a potential backtest strategy could focus on short-term bounces off 0.605–0.610 with a target at 0.625 and a stop-loss at 0.600. This would involve monitoring for bullish reversal patterns like a morning star or bullish engulfing on the 15-minute chart, alongside a MACD crossover above the signal line. For a longer view, traders might look to retest of the 0.630–0.635 resistance zone, with a 15-minute RSI above 50 and positive volume divergence as confirmatory signals. This strategy would aim to capture short-term corrections while managing directional risk in a bearish trend.