Market Overview: Harvest Finance/Tether (FARMUSDT)

• Price surged 1.5% in 24 hours, closing at $22.26 after a bullish breakout in the final candle.
• Volume spiked at 1462.033k units at 12:30 ET, aligning with a pullback to $22.26.
• RSI shows moderate momentum at ~55, with no overbought or oversold conditions.
• Bollinger Bands expanded in late hours, signaling increased volatility.
• A bullish engulfing pattern is suspected near $22.26, potentially supporting a short-term buy signal.

Harvest Finance/Tether (FARMUSDT) opened at $21.96 on 2025-10-23 12:00 ET and closed at $22.26 on 2025-10-24 12:00 ET, with a high of $22.71 and a low of $21.82. Total volume across the 24-hour window reached 17,941.976 units, and notional turnover amounted to $398,827.96. The market saw a late-day rally, particularly between 04:30 and 06:00 ET, with a strong close reinforcing short-term bullish momentum.

The price action displayed several key support and resistance levels throughout the day. A strong support level appeared at $22.10–22.15, where the price tested multiple times before rebounding. Resistance levels emerged at $22.40–22.45, with a failed attempt to break above this level in the early hours. A potential bullish engulfing pattern formed near the close at $22.26, with the last candle’s body covering the previous candle’s range in a positive direction—possibly signaling a short-term reversal.

Moving averages on the 15-minute chart showed a crossover between the 20-period and 50-period lines in the early morning, with the price staying above both after 04:00 ET. On the daily chart, FARMUSDT remains above the 50-day and 100-day moving averages, suggesting medium-term strength. The MACD crossed above the signal line mid-day, reinforcing the bullish trend, while RSI remained in the mid-50s—neither overbought nor oversold. Bollinger Bands expanded in the final six hours, indicating rising volatility and potential continuation of the current trend.

Fibonacci retracement levels on the 15-minute swing from $21.82 to $22.71 suggested a key 61.8% level at $22.38, which acted as a temporary cap before a pullback to $22.26. On the daily chart, the 38.2% retracement from a previous major swing appears to align with the recent $22.26 level, indicating a possible consolidation phase before the next directional move.

Backtest Hypothesis: The potential bullish engulfing pattern observed at $22.26 could be evaluated using a 1-day-hold backtesting approach. If confirmed, this pattern historically signals a short-term upward bias, especially when supported by strong volume and positive momentum. However, due to incomplete or missing data for FARMUSDT, a direct backtest of this pattern could not be executed at this time. To proceed, manual confirmation of the pattern’s formation or an alternative data source is required to validate its historical performance.