Market Overview for Perpetual Protocol/Tether (PERPUSDT) – 2025-10-01

• Price declined from a 24-hour high of $0.2947 to a low of $0.2782, closing near $0.2923
• High volume spike occurred during the bullish breakout to $0.2947 in late afternoon ET
• RSI showed oversold conditions early in the 24-hour window before rebounding
• Bollinger Bands widened significantly during the breakout, indicating increased volatility
• Notable 15-minute bullish engulfing pattern emerged during the final hours of the period

The Perpetual Protocol/Tether (PERPUSDT) pair opened at $0.2825 on 2025-09-30 at 16:00 ET and closed at $0.2923 as of 2025-10-01 at 12:00 ET. The 24-hour range spanned from a low of $0.2782 to a high of $0.2947. Total volume traded was approximately 1,549,403.21 units, with notional turnover reaching around $439,854.40 USD.

Structure and candlestick patterns indicate a strong bearish reversal followed by a consolidation phase and a decisive bullish breakout toward the end of the session. A key support level appears to have formed near $0.28, with resistance developing above $0.2900. The bullish engulfing pattern at the session’s close may suggest a potential reversal to the upside, though further confirmation is needed.

Moving averages on the 15-minute chart suggest that the price has moved above the 20 and 50-period averages, reinforcing the bullish bias. On the daily chart, price appears to be above both the 50 and 100-period moving averages, though the 200-period line remains a critical long-term support level. The alignment of shorter-term MAs suggests continuation of the recent bullish momentum.

MACD lines show a bullish crossover with positive divergence, aligning with the price break above key resistance levels. RSI readings have moved out of oversold territory and are currently neutral to slightly overbought, suggesting that the bullish momentum is still intact, but may be due for a pullback. Bollinger Bands have expanded significantly during the breakout, signaling heightened volatility. Price currently resides near the upper band, suggesting a continuation of the bullish trend may be possible, but caution is warranted given the overbought RSI readings.

Backtest Hypothesis
The described backtesting strategy involves entering long positions on bullish engulfing patterns that occur near key Fibonacci retracement levels (61.8% or 78.6%) during periods of high volume and widening Bollinger Bands. In this 24-hour period, such a setup was observed at the session’s close, with the price forming a bullish engulfing candle near the 61.8% Fibonacci level of the prior bearish leg and with volume and volatility both increasing. A backtest could evaluate the profitability of entering a long position at the open of the next candle after the engulfing pattern, with a stop-loss placed below the recent swing low of $0.2782 and a take-profit at the 127.2% Fibonacci extension. Given the alignment with the technical indicators and the breakout above resistance, this setup could serve as a viable short-term trade signal.