Market Overview for MKRUSDT on 2025-09-10

• Price surged to $1,799.00 before retreating to $1,673.50, showing high volatility and uncertainty.
• Strong bullish momentum in late ET hours, followed by a sharp bearish reversal overnight.
• Volume spiked during the 15:15–16:00 ET session, indicating increased trading activity.
• RSI entered overbought and oversold zones multiple times, suggesting erratic price swings.
• Bollinger Bands showed a significant expansion, reflecting heightened market uncertainty.

At 12:00 ET–1 on 2025-09-09, Maker/Tether USDt (MKRUSDT) opened at $1,743.80 and surged to an intraday high of $1,799.00. It then corrected sharply to a low of $1,650.00 before closing at $1,673.50 at 12:00 ET. Total trading volume over the 24-hour period was 3,495.87, with a notional turnover of $5,864,578.00.

Structure & Formations

The price action revealed a sharp bullish thrust during the 15:15–16:00 ET window, with a large white candle piercing above $1,780, followed by a bearish reversal as sellers stepped in, culminating in a large bearish engulfing pattern at the top. A key support area emerged near $1,670–1,680, which was tested multiple times during the latter half of the day. A doji formed at $1,661–1,668 during early morning hours, indicating indecision and a potential consolidation phase.

A critical level to watch is the 61.8% Fibonacci retracement of the $1,650–$1,799.00 swing at around $1,682–$1,684, which coincides with prior support and may act as a floor if downward pressure resumes.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are aligned bearishly in the early hours, but diverged in a bullish direction during the late afternoon and evening sessions. This suggests a potential short-term reversal. On the daily chart, the 50-period MA is below the 100 and 200-period MAs, indicating a longer-term bearish bias.

MACD & RSI

The MACD line showed a bullish crossover in the late afternoon, confirming the recent upward move, but failed to hold above the signal line by the close. RSI entered overbought territory during the 15:15–16:00 ET window, peaking near 75, and later dropped into oversold conditions near 30, indicating a volatile and choppy session with no clear directional momentum.

Bollinger Bands expanded significantly during the early morning and late afternoon, showing a rise in volatility. Price hovered near the lower band in the early hours and then tested the upper band during the late ET session, suggesting increased market participation and sentiment swings.

Volume & Turnover

Volume surged during the 15:15–16:00 ET session with a high of $1,799.00, where $214,907.80 in notional turnover was recorded. This was followed by a sharp drop in volume during the bearish reversal, indicating a potential exhaustion of buying momentum. The volume profile also showed a divergence as price fell sharply but volume failed to follow through, suggesting a potential false breakdown.

Fibonacci Retracements

Key Fibonacci levels on the 15-minute chart include 61.8% at $1,682 and 38.2% at $1,733. On the daily chart, the 61.8% retracement of the recent $1,650–$1,799.00 move is at $1,682, aligning with the immediate support zone. A break below this level could target the 78.6% retracement at $1,623–$1,630.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on a bullish engulfing pattern occurring after a consolidation phase near key Fibonacci levels. Stops could be placed just below the 61.8% retracement zone ($1,682), with targets at the 78.6% level or above $1,730. This strategy would aim to capture short-term momentum shifts while managing risk based on defined support and resistance levels. Given today’s pattern and volume behavior, this approach may be applicable to similar setups in the coming days if the price retests the $1,682 area.