Market Overview for Prom/Tether (PROMUSDT): 2025-10-13

• Prom/Tether (PROMUSDT) closed lower at 10.444, down from 10.344 after reaching 10.94 and testing 10.307
• Price formed bullish reversal patterns near 10.30-10.35 but failed to maintain momentum past 10.60
• Volume spiked during the bullish breakout attempt at 10.60, but price declined afterward, signaling bearish follow-through
• RSI and MACD suggest oversold conditions, with possible short-term rebounds from 10.40-10.45 support

Prom/Tether (PROMUSDT) opened at 10.344 at 12:00 ET–1 and closed at 10.444 by 12:00 ET. The pair reached a high of 10.94 and a low of 10.307 during the 24-hour period. Total volume amounted to 124,547.9, and notional turnover (volume × price) reached approximately 1,304,860. The price action shows a failed bullish attempt at key resistance levels, with bearish pressure emerging after the initial break of 10.60.

Structure & Formations

Price displayed multiple failed bullish attempts, especially in the 10.60-10.70 range. Notable bearish candlestick formations included a hanging man pattern at 10.70-10.65 and a bearish engulfing pattern as the pair declined from 10.75 to 10.65. A key support zone appears to be forming between 10.40 and 10.45, where the price has bounced twice in recent 15-minute candles.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are positioned below the current price, indicating a potential short-term reversal from the 10.40-10.45 level. On the daily chart, the 50-period MA is at 10.65, and the 200-period MA sits at 10.55. The price is currently below both, which may indicate a continuation of bearish momentum unless a strong reversal occurs.

MACD & RSI

The MACD has crossed into negative territory and is trending downward, supporting bearish momentum. RSI is in the 30-40 range, suggesting oversold conditions but not extreme, indicating a potential bounce from 10.40-10.45. However, the RSI divergence (price falling while RSI rising slightly) could suggest weakening bearish momentum.

Bollinger Bands

Price has spent much of the 24-hour period near the lower Bollinger Band, indicating oversold conditions. A contraction in the bands was observed during the 03:00–04:00 ET period, which may precede a breakout. Currently, the price appears to be within the bands but close to the lower edge, reinforcing the notion that 10.40–10.45 is a critical support zone.

Volume & Turnover

Volume spiked at 10.60–10.65, during a bearish breakout attempt, confirming the strength of the sell-off. However, volume has since decreased as the price settled near 10.45, suggesting reduced selling pressure. Turnover aligned with the volume spikes, but there is a divergence between price and turnover at 10.50–10.60, indicating potential exhaustion in the bearish move.

Fibonacci Retracements

On a 15-minute swing from 10.94 to 10.307, the 61.8% Fibonacci level is at 10.45, coinciding with current price action. The 38.2% retracement is at 10.58, which may serve as a re-entry resistance if a bullish bounce occurs. Daily Fibonacci levels suggest that 10.65–10.70 is a key area of resistance for a potential rebound.

Backtest Hypothesis

The RSI-oversold strategy could be tested with PROMUSDT using the provided 24-hour dataset. A potential test case could involve using a 14-period RSI on the 15-minute chart, entering a long position when RSI drops below 30, and exiting when RSI rises back above 50. Given the recent RSI movement into the 30–40 range, a signal to go long may be triggered. However, considering the bearish divergence and weak follow-through after the 10.60 attempt, the success of such a strategy may depend on how the 10.40–10.45 level holds.