Market Overview for Harmony/Tether (ONEUSDT): Strong 24-Hour Rally with Diverging Momentum

• Price climbed from $0.01035 to $0.01109 with a 24-hour high at $0.01119, showing strong bullish momentum.

• Bullish engulfing and inside patterns formed near key resistance levels, confirming buying interest above $0.0109.

• Volume increased sharply during the final 8 hours, especially after $0.0111, indicating institutional or algorithmic buying pressure.

• RSI reached overbought territory, suggesting possible consolidation or pullback ahead. MACD showed positive divergence with price.

• Bollinger Bands widened during the move up, indicating rising volatility and potential for a reversion to the mean or a breakout continuation.

The Harmony/Tether (ONEUSDT) pair opened at $0.01035 on 2025-09-17 at 12:00 ET and closed at $0.01099 as of 12:00 ET on 2025-09-18, reaching a high of $0.01119 and a low of $0.01033. The 24-hour period saw a total volume of ~319.5 million ONE and a notional turnover of ~$3.5 million, reflecting strong activity and liquidity.

The price formation over the 24-hour period displayed a strong bullish bias, with a steady upward trend after breaking above the $0.0109 resistance level. Key support levels held at $0.01075 and $0.0106, with a bullish engulfing pattern forming around $0.01096 and $0.01098, suggesting strong conviction in the upward move. A doji appeared near $0.0111, hinting at potential consolidation or a temporary pause in the rally.

The 20-period and 50-period moving averages on the 15-minute chart remained in a bullish alignment, with price staying above both lines, supporting the bullish trend. On the daily chart, 50-period and 200-period moving averages are converging, suggesting a possible trend continuation or reversal could occur in the near term, depending on price action.

The MACD histogram turned positive in the last 6 hours and remains above the signal line, reinforcing the bullish bias. However, RSI moved into overbought territory above 70, indicating potential short-term resistance and a possible pullback. Bollinger Bands have widened, with price trading near the upper band, signaling increased volatility and a potential reversion to the mean or breakout continuation.

Volume surged significantly after 22:00 ET, particularly during the rally toward $0.01119, with one candle (at $0.01119) showing a $1.8 million notional turnover. This aligns with the price action and suggests strong accumulation rather than distribution. No material price-volume divergences were observed, and Fibonacci retracements from the $0.01033 to $0.01119 swing indicate that $0.01104 and $0.01095 could act as immediate resistance and support, respectively.

Backtest Hypothesis
A potential backtest strategy could involve entering long positions after a bullish engulfing pattern forms above a key moving average, such as the 50-period on the 15-minute chart, while holding until RSI enters overbought territory or price retests a major Fibonacci level (e.g., 61.8% retracement at $0.01095). This approach would capitalize on continuation of bullish momentum while managing risk with defined exit levels.