Market Overview for FUNToken/Tether (FUNUSDT) on 2025-10-08

• FUNUSDT closed lower by 0.000036 (-0.41%) with volume declining slightly but turnover shrinking sharply due to falling prices.
• A bearish trend dominates with a breakdown below 0.008675 and failure to reclaim key Fibonacci levels.
• Bollinger Bands narrowed midday, followed by a breakout to the downside, suggesting increased bearish momentum.
• RSI entered oversold territory briefly late afternoon but failed to trigger a reversal, indicating potential further weakness.

FUNToken/Tether (FUNUSDT) opened at 0.008714 on October 7, hit a high of 0.008791, and fell to a low of 0.008418 before closing at 0.008439 on October 8 at 12:00 ET. The 24-hour volume totaled 76.7 million FUN, and the notional turnover was approximately $654,744 (using average price). A bearish shift continues, with prices breaking below key 15-minute resistance and failing to recover on follow-through buying.

The 15-minute chart shows a breakdown below 0.008675, a level that had acted as a critical short-term support-turned-resistance. The candlestick formations include a bearish engulfing pattern around 16:00 ET and a long-legged doji near 0.008645 in the late afternoon. These suggest weakening buying interest. Additionally, Bollinger Bands showed a contraction in the early hours, followed by a sharp bearish breakout, confirming downward momentum.

The 20-period and 50-period moving averages on the 15-minute chart both trend lower, with the 50-period line above the 20-period, indicating bearish alignment. The RSI reached oversold territory briefly near 0.008525 but failed to trigger a meaningful bounce, suggesting exhaustion in the short-term bullish camp. The MACD remained below its signal line throughout, with bearish divergence growing as price lows continue to fall while MACD does not make a corresponding move lower.

The market appears to be in a consolidating bear phase, with Fibonacci retracements from the recent 0.008692–0.008447 swing indicating potential support at 0.008535 (38.2%) and 0.008477 (50%). If the current range between 0.0085 and 0.00857 fails to hold, a test of 0.008418 could be in play. Volume and turnover remain moderate, but the absence of a sharp rebound in turnover despite falling prices raises the risk of further selloff due to weak buying interest.

Backtest Hypothesis
The backtesting strategy involves entering a short position on a 15-minute chart when price breaks below the 20-period MA and closes below a key Fibonacci level, with a stop-loss placed above the nearest swing high and a take-profit at the next lower Fibonacci level or key support. This strategy would have identified short entries near 0.008675 and 0.008635, with clear exits at 0.008610 and 0.008570. The current price trajectory appears to align with this setup, suggesting a potential continuation of the bearish bias.