Market Overview: Marlin/Tether (PONDUSDT) 24-Hour Summary

• PONDUSDT dropped sharply in early ET hours, hitting 0.004 before recovering to 0.0062 by market close.
• Volatility surged during the selloff, with a 37% drop in price from high to low.
• Volume spiked during the downturn but failed to confirm a bearish breakout.
• RSI bottomed near oversold territory, hinting at potential short-term rebound.
• Price appears to have found support near the 0.004–0.005 range, with a mixed momentum profile.

Marlin/Tether (PONDUSDT) opened at 0.0077 on October 10 at 12:00 ET and closed at 0.0062 by the same time the following day. The 24-hour range extended from a high of 0.00773 to a low of 0.004, with a total trading volume of 263,903,625.0 and a notional turnover of $1,633,564.95. The session featured a dramatic selloff early in the session, followed by a partial rebound in the final hours.

The price action reveals a deep retracement from the initial high, with key support levels forming around the 0.004–0.005 range. A large bearish candle formed during the selloff, suggesting a strong shift in sentiment, but price has since bounced above this level. A bearish engulfing pattern emerged as the selloff unfolded, but it was partially invalidated as price reclaimed 0.006 by session close. A doji at the lower end of the session hints at potential indecision, though buyers appear to have stepped in with increased volume in the final hours.

The 20-period and 50-period moving averages on the 15-minute chart confirm a bearish bias during the early selloff but show a flattening trend as price stabilized. A crossover of the 20-period above the 50-period in the late ET hours signals a potential near-term reversal. The RSI bottomed at 18, hitting oversold territory, and has since started to recover. The MACD turned positive at the end of the session, with a bullish crossover occurring near 0.006. Bollinger Bands widened significantly during the selloff, indicating high volatility, and price has now settled closer to the middle band, suggesting a period of consolidation may be in play.

Fibonacci retracement levels applied to the 0.00773 to 0.004 swing show the 0.0062 level aligning with the 61.8% level, which appears to be acting as a key support/resistance zone. Volume remained elevated during the selloff but fell off after the 0.004 level was tested, suggesting a lack of conviction from bearish participants. Turnover confirmed the volume spike, but the lack of follow-through selling implies the 0.004–0.006 range may become a battleground for the next 24 hours. Price appears to be stabilizing, and a successful close above 0.0062 could hint at a short-term bullish reversal.

The backtest strategy described involves a bullish breakout entry triggered by a 20/50 MA crossover on the 15-minute chart, combined with RSI hitting oversold levels (RSI < 25). A stop-loss is placed below the previous swing low, and a target is set at the nearest Fibonacci retracement level (61.8% or 78.6%). This setup aligns with the late ET price action, where all three indicators suggested a potential reversal.