Market Overview for Pepe/Tether (PEPEUSDT): 24-Hour Technical Analysis

• PEPEUSDT opened at $7.00e-06, surged to $7.18e-06, and closed at $6.77e-06, showing significant intraday volatility.
• RSI dipped below 30 near 18:45 ET, indicating oversold conditions, while MACD showed bearish divergence.
• Volume spiked to $2.627e+12 at 18:45 ET, coinciding with a sharp price drop.
• Price found short-term support near $6.77e-06 and tested the 20-period EMA, which acted as resistance.
• Volatility increased as Bollinger Bands widened, and price spent most of the session in the lower half of the band.

The Pepe/Tether (PEPEUSDT) pair opened at $7.00e-06 on 2025-10-29 at 12:00 ET and closed at $6.77e-06 by the same time the next day, with a high of $7.18e-06 and a low of $6.60e-06. Total volume for the 24-hour period was approximately $10.52 trillion, and notional turnover reached about $73.24 billion, reflecting intense trading activity and volatility.

The candlestick pattern for the 15-minute timeframe showed a series of bearish formations, including a long upper shadow at 18:45 ET and a bearish engulfing pattern around 19:30 ET. These patterns indicate a potential shift in sentiment from bullish to bearish. Notably, the price tested the 20-period EMA at $7.10e-06, which acted as a resistance level, and the 50-period EMA at $7.06e-06, which failed to provide support. The price also approached the 61.8% Fibonacci level of $6.86e-06, but failed to hold above it, reinforcing bearish pressure.

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward, confirming the bearish momentum. The MACD histogram turned negative after 19:00 ET, and the RSI dropped below 30 during the session, signaling oversold conditions. However, the price did not rebound immediately, which suggests that the bearish momentum may continue. Bollinger Bands expanded significantly after the sharp decline near 18:45 ET, and the price remained near the lower band for most of the session, indicating high volatility and bearish control.

Volume and turnover were highly correlated with price action, with notable spikes around 18:45 ET and 20:30 ET. These spikes coincided with sharp price declines and indicated increased selling pressure. The notional turnover at 18:45 ET ($2.627e+12) was the highest of the session and occurred as the price broke down to the $6.89e-06 level. A divergence was noted between the price and RSI at 21:30 ET, where the price continued to decline while RSI started to flatten, which could suggest a potential near-term bottom.

Backtest Hypothesis

A potential backtesting strategy could involve identifying bearish reversal patterns on the 15-minute chart and exiting the position on a bullish MACD crossover. For instance, one could enter a short position when a bearish engulfing pattern or a doji appears near a key Fibonacci level, and exit when the MACD line crosses above the signal line (a Golden Cross), indicating a potential reversal. This approach could be tested on PEPEUSDT and similar low-cap altcoins that exhibit high volatility and volume spikes. Given the sharp price movements and divergences observed in this 24-hour period, such a strategy may offer opportunities to capture intraday bearish momentum while managing risk with clear technical triggers.