Market Overview for Powerledger/Tether (POWRUSDT) – 2025-10-24

• Price consolidates near 0.1178, with key support at 0.1160 and resistance at 0.1190
• Intraday volume surged above 200,000 coins, indicating heightened interest
• RSI remains in neutral territory, suggesting no immediate overbought/oversold signals
• MACD shows weakening bullish momentum with a bearish crossover approaching

Powerledger/Tether (POWRUSDT) opened at 0.1178 on October 23 at 12:00 ET and closed at 0.1176 on October 24 at the same time. The 24-hour high was 0.1193, and the low was 0.1160. Total volume for the period was over 1,430,000 coins, with notional turnover exceeding $167,000, reflecting elevated market participation.

The 15-minute chart shows a mixed price action with a bearish bias in the latter half of the day. A consolidation phase followed an early morning rally to 0.1193, where a failed breakout above the 0.1190 resistance level led to a pullback. Notable candlestick formations include a bearish engulfing pattern at the high of 0.1193 and a hanging man near 0.1180, hinting at potential reversal risks. The 20-period moving average has drifted lower, while the 50-period line has yet to cross above the 20-line, suggesting continued bearish pressure.

MACD is approaching a bearish crossover, with the signal line now above the histogram and the indicator trending downward. RSI remains within the 50–60 range, indicating moderate bullish momentum but no overbought conditions. Bollinger Bands have widened in response to the intraday volatility, and the price is now resting near the lower band at 0.1176, suggesting a potential bounce or a test of the 0.1160 psychological level. Volume has been concentrated in the lower half of the range, which may either confirm a reversal or support a continuation of the current downtrend.

Fibonacci retracement levels show a potential support at 0.1172 (38.2%) and 0.1164 (61.8%), aligning with the intraday low and a key psychological level. These could offer tactical buying opportunities if the asset finds a near-term floor. Looking ahead, a break below 0.1160 could trigger a test of prior support levels. Investors should remain cautious, especially with the approaching bearish crossover on MACD and weak volume confirmation near the 0.1170 level.

Backtest Hypothesis
The proposed backtesting strategy involves identifying and acting on bearish engulfing candlestick patterns, a common reversal signal in intraday trading. Applying this approach to POWRUSDT would require precise symbol formatting (e.g., “POWRUSDT.BINANCE”) and confirmation of the pattern detection source (e.g., built-in or custom). Once confirmed, a one-day short (sell) strategy could be tested from 2022-01-01 to today. This aligns with the current bearish momentum observed in the 15-minute timeframe and recent failure to break key resistances. A successful backtest could validate the viability of short-term bearish strategies during similar price patterns.