Market Overview for Maker/Tether USDt (MKRUSDT) on 2025-09-06

• Price surged from $1721.00 to $1805.80 in 24 hours, showing strong upward momentum
• Volume peaked in late ET evening (50k+ contracts) but declined during early morning, suggesting exhaustion
• A strong bullish engulfing pattern formed at 1765–1788.6 (23:45–00:00 ET) confirmed a breakout
• RSI hit 70+ at 1805.80 (00:00 ET) suggesting overbought territory
• Volatility expanded with Bollinger Bands widening after 17:30 ET

Maker/Tether USDt (MKRUSDT) opened at $1721.00 on 2025-09-05 and surged to a 24-hour high of $1805.80 before closing at $1770.70 at 12:00 ET on 2025-09-06. The total volume for the 24-hour window was 6,198.3951 contracts, with a notional turnover of $10.99 million. The pair has shown significant bullish momentum, especially during the overnight Asian session.

Structure & Formations

The 24-hour candlestick pattern on MKRUSDT reveals a strong bullish trend, with key support levels forming around $1760–1770 and resistance at $1785–1805. A notable bullish engulfing pattern emerged at 23:45–00:00 ET (closing at $1805.80), confirming a break above a recent consolidation area. The formation at $1725.0 is a doji, signaling indecision after an initial rally. A Fibonacci 61.8% retracement level from the 1723.4–1790.5 move lies at $1767, closely aligning with the current price.

Moving Averages

Using 15-minute data, the 20-period and 50-period moving averages have both trended upwards, with the 20-period moving above the 50-period, forming a golden cross at around $1760–1770. On the daily chart, the 50-period MA is rising, while the 100- and 200-period MAs remain flat to slightly descending, suggesting that short-term bullish momentum is outpacing medium-term trends.

MACD & RSI

The MACD has remained above the signal line since 17:30 ET on 2025-09-05, indicating ongoing bullish momentum. The histogram has expanded through the early Asian session, peaking before the $1805.80 high. The RSI hit 73 at 00:00 ET, entering overbought territory, suggesting that a pullback to $1760–1770 could be imminent. RSI has since dropped to around 55, hinting at a potential pause in momentum.

Bollinger Bands

Bollinger Bands have expanded significantly during the Asian session, with the price surging well above the upper band. The volatility contraction was evident during the US and European sessions before the explosive move up. Currently, price is $20–30 above the upper band, indicating high volatility and extended bullish momentum.

Volume & Turnover

Volume spiked twice, once at $1790–1805 (30k+ contracts) and again at $1780–1770 (20k+ contracts). These spikes coincided with key price levels, indicating strong participation. The notional turnover was strongest during the 00:00–04:00 ET window, aligning with the price breakout. A volume divergence appears at the 06:00–08:00 ET pullback where volume failed to confirm the move.

Fibonacci Retracements

Fibonacci levels from the 1723.4–1790.5 swing (15-minute chart) are at $1767 (61.8%), $1780 (38.2%), and $1790 (0%). Current price action is hovering near the 61.8% level, which is also a key support zone. On the daily chart, the 61.8% retracement from the 1708.8–1805.8 swing aligns with the same $1767–1770 zone, reinforcing its importance.

Backtest Hypothesis

Given the bullish engulfing pattern at 1765–1805 and the MACD divergence at 06:00–08:00 ET, a potential mean-reversion or trend-following strategy could be backtested. A long entry could be triggered at the close of the bullish engulfing pattern, with a target at $1790–1805 and a stop-loss below $1760. If RSI remains above 50 and the 20-period MA stays above 50-period, the trade would remain active. This aligns with the recent Fibonacci and moving average signals, suggesting a high probability of continuation.