Market Overview for Pixels/Tether (PIXELUSDT) – 24-Hour Summary as of 2025-11-11

Summary
• Price action showed a volatile 24-hour range of 0.01431–0.01519, closing near 0.01454 at 12:00 ET.
• Strong bearish momentum emerged after a short-lived bullish breakout, with volume peaking at 23.595M at 01:15 ET.
• Bollinger Band contraction and RSI below 30 suggest oversold conditions, but bearish dominance remains.

Pixels/Tether (PIXELUSDT) opened at 0.01482 at 12:00 ET–1 on 2025-11-10 and closed at 0.01454 by 12:00 ET on 2025-11-11. The 24-hour high reached 0.01519, and the low dropped to 0.01431. Total traded volume was 86.6 million contracts, with turnover amounting to approximately $1.25M USD. Price appears to be consolidating after a sharp bearish reversal from intraday highs.

Key support levels emerged at 0.01450–0.01455, coinciding with multiple candle closures and a wide-range Doji near 01:30 ET. Resistance levels at 0.01490 and 0.01505 were tested multiple times but failed to hold, with price falling back after failed attempts. A bearish engulfing pattern formed around 22:30 ET as price dropped from 0.01505 to 0.01489, signaling short-term bearish momentum. The 15-minute chart shows a 20SMA crossing below the 50SMA, forming a death cross, while the 200SMA on the daily chart remains above the current price, suggesting a medium-term bearish trend is in place.

The MACD crossed into negative territory, confirming bearish momentum, with a broad histogram peak at 01:15 ET corresponding to the largest volume spike. RSI reached oversold levels below 30 by 05:45 ET but failed to trigger a bullish rebound, suggesting further downside could follow. Bollinger Bands showed a significant contraction between 05:00–07:30 ET, followed by a breakout and expansion, which typically precedes high volatility. Price moved well below the lower band by 06:30 ET, reinforcing oversold conditions. The 61.8% Fibonacci retracement level from the 0.01519 high to the 0.01431 low sits at 0.01450, aligning with the recent consolidation base.

The volume and turnover diverged at key moments, especially between 22:00–22:45 ET, when volume spiked but price continued lower. This may indicate increased selling pressure from larger participants. The 15-minute chart shows a negative divergence in price and volume, which could signal a continuation of the current bearish trend. Turnover also remained above average during the 01:15–02:15 ET window, reinforcing the bearish sentiment.

Backtest Hypothesis
The proposed backtesting strategy aims to exploit bearish momentum and divergence in the market as observed in the MACD and volume patterns. Using the strategy_backtest_engine, a short-side approach can be implemented by treating the identified MACD-top-divergence dates as “open” (entry) signals. Positions would be closed automatically after five trading days to manage risk exposure. Although the backtester only supports long-side P&L output at this time, the results can be inverted (multiply by –1) to represent short-side performance accurately. This method aligns with the recent bearish divergence and volume patterns observed on the 15-minute chart.