Market Overview for Morpho/Tether (MORPHOUSDT) on 2025-11-07

Summary
• Price surged from 1.635 to 1.755, closing at 1.716 with strong bullish momentum.
• Volume remained elevated, especially after 20:00 ET.
• MACD and RSI showed overbought conditions around 05:00 ET, followed by pullback.

Morpho/Tether (MORPHOUSDT) opened at 1.635 on 2025-11-06 at 12:00 ET, surged to a high of 1.755 by early morning on 2025-11-07, and closed at 1.716 at 12:00 ET the following day. The pair recorded a total volume of 1,338,509.32 and a total turnover of 2,316,148.56 USD, indicating high liquidity and interest in the pair over the 24-hour window.

The 15-minute candles showed a consistent upward drift, with key resistance levels forming around 1.70 and 1.725. A bullish engulfing pattern appeared around 03:15 ET, confirming a strong reversal from a prior bearish trend. A doji formed near 1.73 at 03:45 ET, suggesting a brief pause in momentum. The price may test these levels again in the coming 24 hours, with potential for a breakout or consolidation.

Bollinger Bands showed a moderate expansion during the early part of the session, indicating rising volatility. Price remained above the upper band for several hours, suggesting strong bullish bias. RSI reached overbought territory (above 70) twice during the session, while MACD showed positive divergence, indicating continued upward pressure.

Volume and turnover increased significantly around 20:00 ET and again at 05:15 ET, aligning with key price moves. However, a slight divergence occurred between volume and price action around 09:30 ET when the price pulled back despite continued turnover, possibly indicating profit-taking. Fibonacci retracements from the 1.623 to 1.755 swing placed key levels at 1.72 (61.8%) and 1.70 (38.2%), both of which were touched during the session.

Backtest Hypothesis
The provided backtest strategy seeks to exploit bullish engulfing candlestick patterns, which were observed in the MORPHOUSDT data during the 24-hour window. To proceed, the correct trading symbol is required to access the full historical dataset for pattern identification. Once the symbol is confirmed, the system can extract all bullish engulfing signals between 1 January 2022 and today, open positions at the next session's open or close (as specified), and evaluate performance over a one-day holding period. This strategy could offer insights into short-term momentum-based trading, but confirmation of the exact ticker is essential for accurate backtesting and equity curve generation.