Market Overview: Mask Network/Tether (MASKUSDT) – Volatile 24-Hour Move with Key Retests

• Price for Mask Network/Tether surged to 1.334 before retracing toward 1.308, forming a volatile 24-hour range.
• RSI and MACD signaled overbought conditions mid-day, followed by bearish divergence in momentum.
• Bollinger Bands expanded sharply as volatility spiked, with price settling near the upper band late.
• Volume surged in early afternoon, confirming a breakout attempt, but faded during the close.
• Key Fibonacci levels at 1.326 (61.8%) and 1.313 (38.2%) showed retests during the pullback.

Opening Narrative

Mask Network/Tether (MASKUSDT) opened at $1.262 on 2025-09-17 12:00 ET, surged to a high of $1.338, and closed at $1.308 on 2025-09-18 12:00 ET. Total volume reached 688,210.5 units, while turnover amounted to $898,411.70, reflecting heightened market activity during the session.

Structure & Formations

The 24-hour candlestick pattern showed a sharp bullish impulse from $1.262 to $1.338, followed by a bearish retracement to $1.308. A bullish engulfing pattern emerged at the early breakout, while a doji formed near the high of $1.338, hinting at indecision. A bearish harami appeared near the $1.315 support, suggesting possible downward pressure ahead. Key support levels at $1.313 and $1.305 were retested, with the latter holding briefly but showing weakening signs. Resistance appears to be consolidating around $1.326–1.328.

Moving Averages

On the 15-minute chart, the 20-period moving average (SMA) crossed above the 50-period SMA around $1.275, confirming short-term bullish momentum early in the session. On the daily chart, the 50-day SMA at $1.298 acted as a pivot point, with the price closing below the 100-day SMA of $1.313 and the 200-day SMA of $1.305, indicating a bearish bias in the longer term.

MACD & RSI

The MACD turned positive early, signaling strength in the bullish move. It peaked around $0.014 but then reversed into negative territory after the midday peak, indicating weakening momentum. RSI reached 70 during the rally, suggesting overbought conditions, and then dropped below 50 during the pullback. A bearish divergence formed between the RSI and price action near $1.334, hinting at a possible continuation of the correction.

Bollinger Bands

Bollinger Bands expanded significantly during the midday surge, reflecting heightened volatility. Price reached the upper band at $1.338 before pulling back. In the late session, price settled near the middle band at $1.315, suggesting a possible consolidation phase. A contraction in band width is expected if price remains within this range, potentially setting up for a breakout in either direction.

Volume & Turnover

Volume spiked to 170,860.5 units during the breakout attempt and then gradually declined, indicating fading conviction in the move. Turnover mirrored this pattern, peaking at $219,559.30 before settling. A divergence between price and turnover was observed during the late pullback, as volume failed to confirm the bearish momentum, suggesting potential uncertainty among traders.

Fibonacci Retracements

Fibonacci retracements drawn from the $1.262 to $1.338 swing showed key levels at $1.326 (61.8%) and $1.313 (38.2%) acting as retests during the pullback. The 50% level at $1.300 was not reached, and price found initial support at $1.305. A break below $1.305 could trigger a test of the 61.8% level of the previous bearish leg at $1.291.

Backtest Hypothesis

A potential backtest strategy for this market could focus on identifying breakouts above the 20-period SMA during strong volume spikes, followed by a retest of the 61.8% Fibonacci level for confirmation. A long entry could be triggered on a close above the $1.326 resistance, with a stop-loss placed below $1.313. The strategy could then target the next Fibonacci level at $1.332 or the Bollinger Band upper band as profit-taking targets. Given the observed divergence in RSI and MACD during the late pullback, a short bias could be triggered on a close below $1.313, with a target at $1.305 and a stop above $1.317.