Market Overview for Pixels/Tether (PIXELUSDT) – October 23, 2025

• Price declined from $0.01733 to $0.01681, with bearish momentum increasing after midday.
• Key support tested near $0.01660–$0.01670; a break could trigger further downside.
• Volume spiked sharply during the selloff, with ~16 million contracts traded near the 21:15–22:00 ET timeframe.
• Oversold RSI conditions are likely, though confirmation pending due to missing indicator data.
• Volatility expanded during the early part of the session, with Bollinger Bands widening post-17:00 ET.

24-Hour Market Summary

Pixels/Tether (PIXELUSDT) opened at $0.01725 on October 22 at 12:00 ET and closed at $0.01681 on October 23 at 12:00 ET, reaching a high of $0.01733 and a low of $0.01663 during the 24-hour period. Total volume traded was 165,797,100 units, with a notional turnover of $2,798,000. The price action displayed bearish momentum, particularly during the late evening and into the early morning hours.

Structure & Formations

The price structure over the past 24 hours shows a sustained bearish bias, with several key support levels being tested. A distinct bearish engulfing pattern formed at $0.01709–$0.01680, indicating strong downward pressure. The price has also tested a previous intraday low at $0.01663, which may act as a new support level or trigger a deeper pullback if broken. A notable doji appeared at $0.01690 during early morning hours, signaling indecision among traders at this level.

Moving Averages

The 15-minute 20-period moving average remains below the 50-period line, confirming short-term bearish momentum. On a daily chart, the 50-period MA is slightly above the 200-period MA, suggesting a more neutral to slightly bearish trend. This divergence between short-term and longer-term MAs could imply a potential consolidation phase ahead if the price finds support above $0.01660.

Bollinger Bands and Volatility

Volatility increased sharply after 17:00 ET, with Bollinger Bands expanding and price moving to the lower band by 21:15 ET, reaching a low of $0.01663. This expansion indicates heightened uncertainty and a likely increase in trading activity. Price has remained near the lower band since that time, suggesting oversold conditions and potential for a near-term bounce. However, without a clear reversal pattern, a break below this band could indicate further downward drift.

Volume and Turnover

Volume surged during the bearish leg from $0.01700 to $0.01663, peaking at 16,114,665 units during the 2:45 AM to 3:00 AM ET period. This suggests increased bearish conviction from larger participants. However, turnover decreased slightly in the final 4–6 hours, indicating reduced participation from major players and possibly a period of consolidation ahead.

Fibonacci Retracements

Applying Fibonacci retracement levels to the major swing from $0.01733 to $0.01663, the 38.2% retracement level lies at $0.01706, where the price briefly found resistance. The 61.8% level is at $0.01722, which the price has yet to revisit. A successful bounce from $0.01663 would likely target the $0.01706 level as a near-term resistance area before testing $0.01722 again.

Backtest Hypothesis

Given the observed bearish momentum and the need for confirmation via RSI or MACD, a potential backtest could be designed to monitor the RSI crossing below 30 as an entry signal, with a stop-loss placed below the most recent support level ($0.01660) and a take-profit at the 38.2% Fibonacci retracement level ($0.01706). This strategy would aim to capitalize on oversold conditions while minimizing risk exposure during a volatile phase. However, the lack of available RSI data for this pair at this time limits immediate backtesting, requiring either a data source update or a substitution strategy as outlined.