Market Overview for IDEX/Tether (IDEXUSDT) on 2025-11-05

Summary
• Price action showed bearish pressure early before consolidating near 0.0174–0.0175.
• Volume and turnover declined sharply in the late session, suggesting waning interest.
• A key support level appears to be forming around 0.0173–0.0174, with a potential test ahead.

IDEX/Tether (IDEXUSDT) opened at 0.01783 on 2025-11-04 at 17:00 ET and reached a high of 0.0181 before closing at 0.01744 on 2025-11-05 at 06:15 ET. The total traded volume over the 24-hour period was 13,236,855.1, with a notional turnover of approximately $236,259.76. The price action reflected a bearish trend, with a breakdown from key resistance levels and consolidation in the 0.0174–0.0175 range in the final hours of the session.

Structure & Formations

The 15-minute candlestick structure showed a series of bearish patterns early in the session, including a key breakdown from 0.0175 to 0.0173. A long lower shadow in the early-morning hours (00:45–01:00 ET) suggested short-covering and potential support formation around 0.0172. In contrast, late-night bullish attempts (05:00–06:00 ET) showed limited buying interest. No major bullish engulfing or doji patterns were observed in the 24-hour window.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages (SMA) crossed below the price in the late session, indicating bearish momentum. On the daily chart, the 50/100/200 SMA lines were not directly observable, but historical trends suggest the price is likely consolidating near a key moving average convergence zone.

MACD & RSI

The MACD histogram turned negative in the late session, with the line crossing below the signal line, reinforcing bearish momentum. The RSI moved into oversold territory (below 30) at 06:00 ET, suggesting potential for a short-term rebound. However, the lack of volume confirmation weakens the reliability of this reversal signal.

Bollinger Bands

Price moved within a tightening Bollinger Band range during the consolidation phase (02:00–05:00 ET), indicating a potential breakout attempt. The recent close at 0.01744 is below the 20-period Bollinger Band midline, reinforcing the bearish bias. The volatility appears to have stabilized, reducing the likelihood of a sharp breakout in the next 24 hours.

Volume & Turnover

Volume remained below the 24-hour average after 03:00 ET, with the largest single candle volume occurring at 05:15 ET (397,759.5). Notional turnover also declined as the session progressed, reflecting diminished liquidity. The price-volume divergence in the late session (05:00–06:00 ET) suggests a lack of conviction in the recent consolidation.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from 0.0173 to 0.0176, the 0.0174 level aligns with the 50% retracement level, which has now become a key support. On the daily chart, the 61.8% retracement of the recent bearish move from 0.0181 to 0.0173 sits at 0.0175, which may act as a temporary resistance.

Backtest Hypothesis

The backtest strategy integrates multiple technical elements: a bearish engulfing pattern and the price reaching or falling below the rolling 20-day support level. The signal criteria suggest a potential sell entry, which is then held for a maximum of 3 trading days. Given the current bearish structure and the consolidation near key support levels, this setup could align with the strategy’s parameters if further bearish momentum is confirmed. The RSI dipping into oversold territory may present a short-term trading edge if volume begins to pick up again.