Market Overview for Movement/Tether (MOVEUSDT): Bearish Breakdown with Oversold RSI

• Price opened at 0.1179 and fell to a 24-hour low of 0.111 before closing near 0.112 at 12:00 ET.
• A strong bearish trend was reinforced by high-volume selling and a 12% drop from the high.
• RSI dropped into oversold territory, suggesting a possible short-term bounce or consolidation.
• Volatility surged after the breakdown below key support levels around 0.113 and 0.114.
• Large-volume red candles in the second half of the session confirmed bearish momentum.

Movement/Tether (MOVEUSDT) opened at 0.1179 on 2025-10-06 at 12:00 ET and dropped sharply to reach a low of 0.111 on 2025-10-07 at 15:15 ET. The pair closed at 0.112 at 12:00 ET, with a total volume of 10,205,784.6 and a turnover of approximately $1,139,142. The price action displayed a bearish breakdown with strong selling pressure and no immediate signs of reversal.

Structure and key formations suggest that the pair is now testing its psychological level of 0.110 after breaking below key support at 0.113 and 0.114. A long-legged bearish candle on 15:15 ET marked the 12% drop, indicating a sharp move lower. A potential support zone may be forming near 0.111, where the price consolidated briefly before the close. The bearish trend appears to have momentum, but signs of exhaustion may be emerging near the lower end of the range.

The 20-period and 50-period moving averages on the 15-minute chart show a steep downward slope, reinforcing the bearish bias. The 50-period MA has crossed below the 20-period MA, forming a death cross. Daily moving averages (50, 100, 200) also reflect a strong downtrend. The MACD is negative and trending lower, indicating weakening momentum. The RSI has fallen into oversold territory (below 30), which may suggest a temporary bounce or a consolidation phase before the next leg lower.

Bollinger Bands show a recent expansion following the sharp selloff, with price now hovering near the lower band, suggesting increased volatility and a potential test of the band as support. The volume profile supports the bearish action, with the largest-volume candle occurring at 15:15 ET, confirming the breakdown. Notional turnover also spiked in line with the price move, which adds credibility to the move. Fibonacci retracement levels for the 15-minute swing show 0.113 (38.2%) and 0.114 (61.8%) as key levels now breached, with the next target likely near 0.110–0.109.

The backtest hypothesis should consider the RSI’s oversold condition as a potential signal for a short-term bounce. A possible strategy could be to look for a retest of the 0.111–0.112 range with a short-term long bias if RSI rebounds above 35 and price closes above the lower Bollinger band. A stop-loss near 0.110 would protect against further downside, with a take-profit target near 0.113 or 0.114 depending on the strength of the rebound.