Market Overview for Movement/Tether (MOVEUSDT) – 2025-10-22

• Movement/Tether (MOVEUSDT) traded in a descending channel over the past 24 hours, with bearish momentum intensifying after 18:00 ET.
• A bearish engulfing pattern formed at 17:00 ET, confirming downward bias and triggering a sharp decline toward 0.0745.
• Volatility expanded significantly between 21:30 and 00:45 ET, as volume surged to $447,882.1 and price dropped from 0.0773 to 0.0735.
• RSI entered oversold territory below 30 in early morning ET, suggesting potential short-term buying interest.
• The 15-minute Bollinger Bands expanded during the sell-off, indicating heightened uncertainty and potential range contraction ahead.

Movement/Tether (MOVEUSDT) opened at 0.0794 on 2025-10-21 at 12:00 ET and closed at 0.0744 on 2025-10-22 at 12:00 ET, with a high of 0.0805 and a low of 0.0735. Total volume amounted to 9.1 million units, with a notional turnover of approximately $696,000. Price action reflected consistent bearish pressure, especially after the formation of key candlestick patterns and a strong divergence in momentum.

Structure & Formations

The 15-minute chart showed a bearish engulfing pattern at 17:00 ET, with a 0.0794 open and a 0.0788 close, followed by a strong downward wave. A key support level formed near 0.0745–0.0746, where price found temporary stability in the early morning. A doji appeared at 00:30 ET, indicating indecision and a possible short-term consolidation. The 20-period moving average on the 15-minute chart crossed below the 50-period line, reinforcing the bearish bias.

Moving Averages & Momentum

Both the 20 and 50-period moving averages on the 15-minute chart sloped downward, with price consistently trading below the 50SMA after 19:00 ET. The 50/100/200-period daily moving averages are not shown in this 24-hour dataset but would likely confirm a broader bearish trend. The RSI dropped into oversold territory, below 30, after 02:00 ET, suggesting potential for a bounce or retracement within the 0.0745–0.0760 range. MACD lines remained negative throughout, with the histogram widening during the strongest bearish phases.

Bollinger Bands & Volatility

Volatility spiked significantly between 21:30 and 00:45 ET, with the upper Bollinger Band expanding to 0.0780 and the lower Band contracting to 0.0735. Price traded near the lower band during this period, indicating oversold conditions and heightened risk of a reversal or consolidation. Following the volatility peak, the bands began to contract again, suggesting a potential end to the sharp sell-off and a return to tighter range trading.

Volume & Turnover

Volume spiked to 447,882.1 units at 00:45 ET, coinciding with the largest single-candle decline from 0.0773 to 0.0741. This large-volume downmove, however, did not lead to a further breakdown, as price bounced at 0.0745. Turnover followed a similar pattern, with a peak of $33,351 at 00:45 ET. The divergence between price and volume after 02:00 ET suggests weakening bearish momentum and potential for a short-term reversal.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 17:00–00:45 ET move (0.0788 to 0.0735), price found support near the 61.8% level at around 0.0745–0.0746. This level appears to have acted as a temporary floor, especially as RSI approached oversold territory. A retracement to the 38.2% level (0.0755–0.0757) could be the next target for potential buyers in the coming 24 hours.

Backtest Hypothesis

Given the repeated bearish engulfing patterns and the recent oversold conditions, a backtesting strategy based on shorting after confirmed bearish engulfing candlestick patterns could be tested. For example, if the correct ticker for the pattern-detection feed is confirmed (e.g., replacing “HOLD.P” with a valid and widely covered ticker), we could automatically extract all such signals since 2022 and analyze their performance over a 5-day holding period. This would allow for a more concrete assessment of the strategy’s viability. Once a valid ticker is provided, we can proceed with the backtest.