Market Overview for Hooked Protocol/Tether (HOOKUSDT)

• HOOKUSDT saw a volatile 24-hour session with a high of 0.0618 and a low of 0.0556.• Price ended at 0.0569, down from the prior day’s close of 0.0580, indicating bearish momentum.• Notable volume spikes and a bearish engulfing pattern suggest short-term bearish bias.

Hooked Protocol/Tether (HOOKUSDT) opened at 0.0580 on 2025-11-07 at 12:00 ET and surged to a high of 0.0618 before retreating to a low of 0.0556 on 2025-11-08 at 12:00 ET, ultimately closing at 0.0569. The total 24-hour volume amounted to 62,822,936.9, with a notional turnover that reflects significant trading activity across volatile swings.

Structure & Formations

Price action over the past 24 hours shows a bearish reversal bias, particularly after a strong bullish push in the early hours of 2025-11-08. A bearish engulfing pattern formed around 00:30–00:45 ET, which may signal a potential short-term pullback. Key support levels are emerging around 0.0572 and 0.0566, while resistance remains near 0.0582 and 0.0595.

Moving Averages

On the 15-minute chart, the price has been fluctuating around the 20-period and 50-period moving averages, suggesting an ongoing tug-of-war between bullish and bearish forces. On the daily chart, the 50-period MA is below the 100- and 200-period MAs, indicating a longer-term bearish trend.

MACD & RSI

The MACD has turned negative following a recent bullish crossover, while the histogram has been shrinking, suggesting weakening momentum. The RSI has dipped into oversold territory at times, most recently hitting 35, hinting that further downside could be limited unless the trend continues.

Bollinger Bands

Volatility expanded as the price moved away from the middle band and touched the lower band several times, particularly in the late hours of 2025-11-07 and early 2025-11-08. This expansion may continue if the bearish momentum holds.

Volume & Turnover

Volume spiked during the early bearish move from 0.0608 to 0.0559, confirming the move downward. However, volume has since declined, raising questions about the strength of the current bearish trend. A divergence between price and volume could signal an eventual reversal.

Fibonacci Retracements

Fibonacci levels drawn from the recent high of 0.0609 to the low of 0.0556 show 61.8% and 50% retracement levels near 0.0575 and 0.0583, respectively. Price currently rests just below the 61.8% level, suggesting that further downside could push it toward the 50% and 38.2% retracements.

Backtest Hypothesis

To rigorously test a potential short-selling strategy based on the observed bearish engulfing pattern, we would need to define a few key parameters. Given the intraday volatility observed, a 1-hour candle interval would provide sufficient granularity for pattern detection and trade execution. A short position would be triggered upon confirmation of the bearish engulfing pattern, with an exit at the next candle’s low. Since the current engine can execute at the next bar’s open or close, we would suggest using the next bar’s close as a proxy for the low to ensure feasibility. Without additional risk controls such as stop-loss or take-profit levels, this raw strategy could help validate the strength of the bearish signal.

Looking ahead, HOOKUSDT faces a critical 24-hour period as it tests key support levels and navigates the bearish momentum. A break below 0.0566 could bring renewed selling pressure, but a reversal back above 0.0575 may indicate a pause in the downward trend. As always, investors should remain cautious of sudden volatility spikes and macroeconomic influences.