Market Overview for OpenLedger/Tether (OPENUSDT) on 2025-09-19

• OPENUSDT surged 8.77% in 24 hours, with price closing at 0.9133, up from 0.8403
• High volatility observed, with a 24-hour high of 0.9444 and low of 0.8403
• Volume spiked late in the session, reaching 68M contracts as price rallied
• RSI approached overbought territory late, suggesting potential for pullback
• Strong bullish momentum confirmed by bullish engulfing and bullish divergence in volume

OpenLedger/Tether (OPENUSDT) opened at 0.8403 on 2025-09-18 12:00 ET and closed at 0.9133 at 12:00 ET on 2025-09-19. The price traded between 0.8403 and 0.9444 with a total volume of 172,315,364.2 and notional turnover of $154,665,473.49. The 24-hour rally was driven by late-session buying pressure.

Structure & Formations

The price formed a strong bullish engulfing pattern in the final hours, confirming the reversal from a key support level around 0.88. A 38.2% Fibonacci retracement level at 0.9043 was confirmed as a minor resistance, and a 61.8% level at 0.9278 acted as a temporary ceiling. A doji formed near the high of the session at 0.9444, hinting at indecision and possible consolidation.

Moving Averages

On the 15-minute chart, the price closed above both the 20-period (0.9047) and 50-period (0.9038) moving averages, indicating a short-term bullish trend. On the daily chart, the 50-period MA (0.8806) is below the 100-period (0.8789) and 200-period (0.8753) moving averages, suggesting a longer-term bullish crossover is imminent.

MACD & RSI

The MACD (12,26,9) crossed above the signal line during the early hours of the session, confirming bullish momentum. The histogram expanded through the afternoon and into the evening, peaking at 0.0272. RSI reached 63 at session end, approaching overbought territory, suggesting caution for continuation beyond 0.92–0.93 without a pullback.

Bollinger Bands

The price traded near the upper Bollinger Band for much of the session, indicating a strong bullish breakout. Volatility expanded as the bands widened post 0.90–0.91, with the price remaining within the band for most of the session. A contraction in the bands near 0.885–0.895 hinted at a low-volatility consolidation before the breakout.

Volume & Turnover

Volume increased significantly after 0.90–0.91, with the largest 15-minute volume spike at 68M contracts (0.88–0.90). Notional turnover mirrored the volume increase, confirming the price move. A divergence between volume and price was observed near 0.94–0.95, suggesting reduced conviction in the move higher.

Fibonacci Retracements

On the 15-minute chart, key Fibonacci levels at 0.9043 (38.2%) and 0.9278 (61.8%) were confirmed as resistance. On the daily chart, the 61.8% level at 0.9278 also held. A 50% retracement at 0.9361 is now in play as a potential target for the next leg higher if bulls regain control.

Backtest Hypothesis

The backtesting strategy described involves entering long positions when price closes above a 20-period moving average, with a stop loss placed below the 50-period MA and a take-profit at the 61.8% Fibonacci level. This approach aligns with the observed bullish crossover on the 15-minute chart and the strong volume confirmation during the 0.90–0.91 breakout. A backtest on this 24-hour dataset would likely show a successful trade as the price closed above the 20 MA and hit 61.8% Fibonacci target near 0.9278.

The forward-looking view suggests the pair could test 0.9278 and 0.9361 in the next 24 hours, with a potential pullback toward 0.9043. Traders should remain cautious if the price fails to break 0.9361 and faces rejection, which could lead to a retest of 0.8943. Risk remains on the upside, but volatility could increase with a potential retest of key support/resistance levels.