Market Overview for FTX Token/Tether (FTTUSDT): 2025-10-10

• Price action dipped sharply near 0.82 in 24 hours, breaking below key support levels.
• Volatility surged in late ET hours with a sharp drop, reflecting heavy selling pressure.
• RSI and MACD signals point to oversold conditions, suggesting potential for a short-term rebound.
• Volume spiked during the selloff, confirming bearish momentum despite mixed candlestick patterns.
• Bollinger Bands show a significant expansion, highlighting increased market uncertainty.

Opening Summary

FTX Token/Tether (FTTUSDT) opened at 0.855 on 2025-10-09 at 16:00 ET, surged to a high of 0.8771, and fell sharply to a low of 0.8171 before closing at 0.8252 as of 16:00 ET on 2025-10-10. Total volume across the 24-hour period was approximately 887,393.17, with a notional turnover of $724,702.87 (volume × average price).

Structure & Formations

Over the past 24 hours, FTTUSDT displayed a bearish breakdown, with key support levels at 0.85, 0.83, and finally 0.82 being sequentially breached. The candlestick structure included a bearish engulfing pattern at 0.85–0.83, and a long-legged doji at 0.835–0.8325, signaling indecision and potential exhaustion. The price then continued its descent with a large bearish gap, followed by a strong bearish pinbar at 0.8313–0.8252, indicating increased bearish conviction.

Moving Averages

On the 15-minute chart, FTTUSDT closed below both the 20-period and 50-period SMAs, reinforcing bearish momentum. The 20 SMA was at 0.8537 and the 50 SMA at 0.8574, both providing resistance in the 0.85–0.86 range. Daily moving averages (50, 100, and 200) suggest continued bearish bias, as the price now appears to be well below these key averages.

MACD & RSI

The MACD line crossed below the signal line around the 0.84–0.83 range, confirming bearish momentum. RSI currently sits near 28, entering oversold territory, suggesting that a short-term bounce may be due. However, RSI has not yet formed a bullish divergence, so the oversold reading should be viewed with caution.

Bollinger Bands

Bollinger Bands widened significantly during the sharp selloff from 0.85 to 0.82, reflecting heightened volatility. The closing price of 0.8252 sits near the lower band, consistent with increased bearish pressure. A consolidation phase could trigger a contraction in bands, potentially setting up a breakout or reversal.

Volume & Turnover

Volume spiked during the selloff between 15:30 and 16:00 ET, with the largest single candle (at 15:30 ET) printing 112,064.87 volume and a high of 0.8463, closing at 0.83. Turnover surged alongside, confirming the bearish move. There were no significant divergences between price and turnover, indicating that the selloff was well-supported by trading activity.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 0.867–0.8171 range, the 61.8% level is at 0.8365 and the 38.2% at 0.8445. The 61.8% level appears to have acted as a minor support before the price continued downward. On the 15-minute chart, retracements between 0.86 and 0.83 highlight 0.847 (38.2%) and 0.8525 (61.8%) as potential short-term bounce levels.

Backtest Hypothesis

Using the technical indicators analyzed—particularly RSI and MACD—a potential backtest hypothesis could involve a mean-reversion strategy triggered when RSI falls below 30 and MACD generates a bearish crossover. A short position could be entered, targeting a 5–7% bounce or reversal as the price approaches key Fibonacci levels. Stop-loss placement above the 0.835–0.84 range could help manage risk, with a trailing stop initiated upon a confirmed reversal candle.