Market Overview for Momentum/USDC (MMTUSDC): 2025-11-08 12:00 ET–2025-11-09 12:00 ET

Summary
• Momentum/USDC (MMTUSDC) opened at 0.5907 and closed at 0.6012, with a 24-hour high of 0.6503 and low of 0.5832.
• Volume surged during the early session, peaking at 1.88M, while turnover remained consistent with price action.
• A bullish reversal pattern and consolidation around 0.610–0.620 suggest potential support and momentum reentry.

Momentum/USDC (MMTUSDC) opened at 0.5907 and closed at 0.6012 within the 24-hour period ending at 12:00 ET. The pair reached a high of 0.6503 and a low of 0.5832, with total volume of 11.7 million units and a notional turnover of approximately $7.19 million (based on average price of ~$0.61).

The 15-minute OHLCV data reveals a strong bullish reversal during the early morning hours (00:00–02:00 ET), marked by a sharp increase in volume and a closing price above the previous session’s range. This reversal appears to have stemmed from a consolidation phase between 0.610 and 0.620, where the price found multiple bounces and minor support levels. A notable bearish candle formed around 00:15 ET, closing at 0.6195 after an intracandle high of 0.6503, potentially signaling short-term profit-taking.

On the 15-minute chart, the 20-period and 50-period moving averages appear to have converged during the overnight hours, forming a potential golden cross. The RSI entered overbought territory during the 00:00–01:00 ET window, indicating strong upward momentum. However, by 05:00 ET, the RSI had fallen into neutral territory, suggesting the trend may be pausing for a consolidation phase. The price remained within the upper and middle Bollinger Bands during the first half of the session, with a mild contraction observed in the latter half, implying a period of reduced volatility.

Fibonacci retracement levels drawn from the key swing (0.5832 to 0.6503) suggest potential support at 0.616 and 0.604, and resistance at 0.630 and 0.642. The price has tested the 0.616 level multiple times during the session, indicating it may act as a critical near-term support.

Backtest Hypothesis
A potential backtest strategy would focus on identifying a MACD death-cross (i.e., the 12-period line crossing below the 26-period signal line) as a sell signal, with a stop-loss placed below the 61.8% Fibonacci retracement level. This approach would align with the observed bearish divergence in the RSI and the bearish candle seen at 00:15 ET. Historical performance of such a strategy could be tested using daily OHLC data for MMTUSDC from 2022–01–01 to 2025–11–09 to assess profitability and drawdowns under different market conditions.