Market Overview for Highstreet/Tether (HIGHUSDT)

• Highstreet/Tether (HIGHUSDT) dropped 2.4% in 24 hours, closing at 0.298 after a strong sell-off post 18:45 ET.
• Volatility expanded, with a 15-minute low of 0.298 and high of 0.309, indicating choppy near-term sentiment.
• Volume spiked to 413,728.375 at 18:45 ET but failed to push price above 0.309, suggesting bearish control.
• RSI hovered in mid-range, with no clear overbought or oversold signals, while MACD showed weakening bullish momentum.
• Bollinger Bands widened, signaling heightened uncertainty and potential for a directional move in the next 24 hours.

At 12:00 ET on October 29, HIGHUSDT opened at 0.303 and reached an intraday high of 0.309 before closing at 0.298 at 12:00 ET the following day. The 24-hour low was 0.294. Total volume was 1,511,764.47 units, with a notional turnover of $466,065.22 (assuming $1 for USDT). The pair appears to be consolidating near a key support level, with bearish momentum showing signs of strengthening.

Structure & Formations

Price action on the 15-minute chart reveals a bearish breakdown after a key resistance at 0.309 failed to hold on high-volume candle around 18:45 ET. A long-bodied bearish candle followed, signaling rejection. Later, a doji near 0.310 and a bullish engulfing pattern failed to sustain a rebound, suggesting bearish control. A key support level appears to be forming in the 0.294–0.298 range, with price hovering near that area in the final hours of the report.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both remain above the current price, reinforcing the bearish bias. For the daily chart, the 50-day moving average is expected to be above 0.310, meaning that price is currently below this trendline. This positions HIGHUSDT in a bearish structure, with a potential test of the 50-day MA as a key short-term resistance.

MACD & RSI

The MACD histogram has been shrinking in the positive territory, indicating weakening bullish momentum and possible exhaustion. RSI remains in the neutral zone (45–55), with no clear overbought or oversold signals. However, the RSI line has been trending downward for much of the 24-hour period, suggesting bearish pressure is building. A drop below 40 could trigger further selling.

Backtest Hypothesis

To formalize a backtesting strategy for HIGHUSDT, the approach would rely on a combination of RSI and price action. A typical setup would involve triggering a buy signal when RSI exceeds 70 (overbought) and price is within 2% of the 20-day low. This would aim to capture potential rebounds from strong support levels. A sell signal would be triggered when RSI drops below 60 or after 20 trading days. A stop-loss of 10% and take-profit of 50% would be included to manage risk. The strategy would be tested using 1-day candles from January 1, 2022, to October 30, 2025.