Market Overview: Perpetual Protocol/Tether (PERPUSDT) - 24-Hour Summary (2025-11-08 to 2025-11-09)

Summary• Price opened at $0.1516 and closed at $0.1536 after a volatile 24-hour session.• Notable price swing saw a high of $0.1566 and a low of $0.1484, with key resistance near $0.1547.• Turnover surged during the 19:15–20:00 ET window as price peaked.• RSI showed overbought conditions in the mid-session but softened in the final hours.

Perpetual Protocol/Tether (PERPUSDT) opened at $0.1516 on 2025-11-08 at 12:00 ET and closed at $0.1536 on 2025-11-09 at the same time. The 24-hour range was between $0.1484 and $0.1566, with an average trading volume of 12,104,876.97 and a total turnover of $1.74M. Price action showed a strong bearish thrust in the late night hours before a moderate rebound in the early morning.

Structure & Formations

Price action revealed a series of bullish and bearish candlestick patterns over the 24 hours. A key bearish rejection appeared at $0.1547–$0.1548 as price struggled to hold above this level for multiple 15-minute intervals. A small bearish engulfing pattern formed around 20:15–20:30 ET as volume spiked and price dropped from $0.1562 to $0.1543. On the flip side, a moderate bullish recovery was observed in the early morning as price retested and held above the $0.1515 support level. A 61.8% Fibonacci retracement level at $0.1518 served as a pivot in the early hours.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart indicate a short-term bearish bias, with the 50-period line dipping below the 20-period line in the mid-session before converging again later. On the daily chart, the 50/100/200 EMA lines are broadly aligned, suggesting a neutral-to-bullish sentiment in the broader context. Price remains above the 50-day MA at $0.1520, which could offer psychological support.

MACD & RSI

MACD showed a bearish crossover in the late hours of the night, followed by a narrowing histogram during the bullish recovery in the morning. The RSI peaked at 67 mid-session before dropping to 58 by the close, indicating overbought conditions easing. Price appears to have tested the 55–60 level as a baseline for near-term stability, with a potential for a retest of this zone in the next 24 hours.

Bollinger Bands

Volatility expanded significantly during the price peak near $0.1566, with price touching the upper band. The following correction saw a sharp contraction in the bands, signaling a period of consolidation. Price currently resides just above the mid-band at $0.1531, which may act as a potential pivot point in the near term.

Volume & Turnover

Volume spiked during the 19:15–20:00 ET window as price hit a 24-hour high of $0.1566, with a peak volume of 91,905.44. This was followed by a significant bearish turn with a volume spike of 80,987.28 at 02:45 ET as price dropped to $0.1489. Turnover showed a similar pattern, aligning with the price swings and indicating strong conviction in both the highs and lows of the session.

Fibonacci Retracements

Key Fibonacci levels on the 15-minute chart include a 38.2% retracement at $0.1523 and a 61.8% level at $0.1518, both of which were tested in the early morning. On the daily chart, the 50% retracement at $0.1533 is a critical level as it aligns with recent price action. A break above $0.1547 would suggest a continuation of the bullish phase.

Backtest Hypothesis

Given the observed patterns, a backtest strategy targeting the Bullish-Engulfing signal could be applied with an improved symbol format such as “PERPUSDT.BINANCE” for accurate historical data retrieval. The strategy would look for confirmation of the pattern when volume and turnover increase simultaneously, with a target of 38.2–61.8% Fibonacci levels on the following candles. The recent 24-hour window provides an ideal testing ground, with multiple bearish and bullish formations to evaluate the signal’s reliability in volatile market conditions.