Market Overview for Perpetual Protocol/Tether (PERPUSDT) – 24-Hour Summary

Summary• Price closed lower at $0.125 after a sharp pullback from $0.1322.
• A bearish divergence emerged between price and turnover in early hours.
• Volatility remains elevated, with price within the lower Bollinger Band.
• A key support level appears near $0.122, tested twice with mixed holds.
• MACD and RSI show oversold conditions, suggesting potential for a rebound.

Opening at $0.1312 on 2025-11-11 at 12:00 ET, Perpetual Protocol/Tether (PERPUSDT) saw a 24-hour swing to a high of $0.1322 and a low of $0.1176 before settling at $0.125 by 12:00 ET on 2025-11-12. Total volume amounted to 1,997,040.13, while total turnover reached $251,120.02. The market appears to be consolidating near the 20-period moving average after a sharp decline driven by increased bearish momentum and volume spikes.

Structure and candlestick formations suggest multiple attempts at a bullish reversal have failed, particularly after the 12:00–02:00 ET window saw a strong downtrend. A notable bearish engulfing pattern formed on 00:15 ET as price broke below the prior session’s low. A doji appeared at 01:30 ET, indicating indecision amid tightening Bollinger Band conditions. The 20-period moving average now sits around $0.127, offering a critical near-term resistance level.

The RSI has entered the oversold zone, hovering near 25–28, indicating a possible exhaustion of bearish momentum. MACD appears to be forming a potential histogram divergence from a recent low, suggesting a short-term rebound could occur. However, the 50-period moving average is bearish, reinforcing the downward bias. Price remains within the lower Bollinger Band, pointing to low volatility and a potential reversal risk as the band contracts.

Volume spiked to $195,712.65 at 00:15 ET, coinciding with the largest price drop of the day. However, subsequent volume has failed to confirm further bearish continuation, pointing to a potential near-term bottoming process. A Fibonacci retracement of the 0.1176 to 0.1322 move suggests a potential support level at $0.122 (61.8% retracement). If price holds above this level, it may open the door for a short-term rebound toward $0.130.

Backtest Hypothesis
The backtesting strategy under consideration aims to identify MACD death crosses—where the MACD line crosses below the signal line—as sell signals. Given the recent bearish momentum in PERPUSDT, detecting such events over the past year would be informative. A five-day holding period would allow for assessing whether early exits after a death cross could have mitigated losses or captured a rebound. A valid ticker symbol is required to proceed with this analysis.