Market Overview for Phala Network/Tether (PHAUSDT) – 24-Hour Candlestick Summary

• PHAUSDT rose from 0.1027 to 0.1098 in 24 hours, forming a strong bullish trend.
• RSI climbed above 60, suggesting growing momentum but not yet overbought.
• Volume surged during key upswings, confirming strength in the upward move.
• A potential consolidation phase is forming around 0.1092–0.1095, with Bollinger Bands widening.
• A bullish engulfing pattern appeared at 0.1090–0.1095, signaling continuation potential.

Phala Network/Tether (PHAUSDT) opened at 0.1027 on 2025-09-17 at 12:00 ET, reached a high of 0.1098, a low of 0.1025, and closed at 0.1098 on 2025-09-18 at 12:00 ET. The 24-hour trading session saw a total volume of approximately 9,224,672.6 and a notional turnover of about $986,688.39.

Structure & Formations

Over the past 24 hours, PHAUSDT exhibited a strong bullish bias, particularly from 19:45 ET onward, when a strong candle formed at 0.1070–0.1071, followed by a bullish engulfing pattern near 0.1090–0.1095. Key support levels appear to be forming around 0.1075 and 0.1060, while resistance has been tested and partially held at 0.1092–0.1095 and 0.1098. A bearish harami pattern briefly emerged at 0.1091–0.1090, signaling caution but not bearish reversal.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart are both bullish, with the 50-line lagging behind the 20-line and price, indicating short-term bullish momentum. On the daily chart, the 50-period MA crossed above the 100 and 200-period lines, forming a golden cross, which is a strong signal for continuation of the upward trend. Price is currently above all three, affirming the bullish bias.

MACD & RSI

The MACD line crossed above the signal line around 05:00 ET and has remained positive since, confirming the bullish momentum. The histogram has been expanding during the key uplegs, particularly around 22:15 ET and 04:45 ET. RSI rose to 62 during the final hours, suggesting that while momentum is strong, it is not yet overbought (which would be above 70). This indicates potential for a continuation of the move higher, with caution warranted if RSI approaches 70.

Bollinger Bands

Volatility increased significantly after 22:15 ET, as seen by the widening of the Bollinger Bands. Price spent most of the session in the upper half of the bands, indicating bullish pressure and higher volatility. A notable contraction occurred around 02:00 ET, which was followed by a strong break to the upside, suggesting that a breakout was likely once the contraction was complete. Price has since been staying close to the upper band, indicating continuation potential.

Volume & Turnover

Volume surged during the key uplegs, with the largest single-volume candle occurring at 04:45 ET (2.3M volume), confirming strength in the upward move. Notional turnover rose in parallel, showing no divergence. However, a minor divergence can be observed at 02:00 ET, where a small volume increase did not fully confirm the price move. This could suggest a potential consolidation phase ahead if volume does not continue to support further price gains.

Fibonacci Retracements

Fibonacci retracements from the key swing low of 0.1025 to the high of 0.1098 show that the 0.1062 (38.2%) level acted as a support and was followed by a strong rebound. The 0.1083 (61.8%) level became a key resistance and was partially rejected twice before a final break above it. This suggests that the 0.1098 level is a viable target, with a possible retest at 0.1083.

Backtest Hypothesis

The backtesting strategy aims to identify continuation patterns following bullish breakouts above key Fibonacci levels and Bollinger Bands. A long position would be triggered when the price closes above the 61.8% Fibonacci retracement level with a confirmed volume increase. The strategy also incorporates a stop loss placed just below the last swing low and a take-profit target set at the next Fibonacci level. Based on the recent move, this strategy could have captured the entire 24-hour upleg from 0.1025 to 0.1098 with tight risk management.