Market Overview: Prom/Tether (PROMUSDT) on 2025-12-12

Summary
• Price opened at $9.164 and surged to a 24-hour high of $9.25 before retreating to $8.964 by 12:00 ET.
• A bearish divergence in RSI and volume during the decline suggests potential exhaustion.
• Bollinger Bands expanded significantly during the drop, reflecting heightened volatility.
• A key 50-period MA on 5-min chart provided short-term resistance, capping upward moves.
• Fibonacci retracement levels at 61.8% ($9.13–$9.15) appeared to offer temporary support during the rebound.

Prom/Tether (PROMUSDT) opened at $9.164 on 2025-12-11 at 12:00 ET and reached a high of $9.25 before closing at $8.964 at 12:00 ET on 2025-12-12. The 24-hour low was $8.948. Total volume traded was 60,696.5, with a notional turnover of approximately $555,000.

Structure & Formations

Price formed a bullish engulfing pattern near the high of $9.25, but failed to follow through. A key support level emerged near $9.10–$9.12, where price found refuge during the decline. A bearish harami appeared at $9.093–$9.085 on the 5-minute chart, signaling a potential reversal.

Moving Averages

The 20-period and 50-period moving averages on the 5-minute chart acted as dynamic resistances during the rally phase. On the daily chart, the price remained below the 200-period MA, indicating a longer-term bearish bias. The 50-period MA on the daily chart appears to be a critical line to watch for a potential trend reversal.

MACD & RSI

The MACD line crossed below the signal line during the afternoon decline, confirming bearish momentum. RSI reached oversold territory below 30 at $8.964, suggesting a potential rebound could be near. However, a bearish divergence between price and RSI during the decline indicates caution is warranted.

Bollinger Bands

Bollinger Bands widened significantly during the drop from $9.25 to $8.964, reflecting increased volatility. Price spent most of the session near the lower band, particularly after 17:00 ET. A contraction in the bands may signal a period of consolidation ahead.

Volume & Turnover

Volume spiked during the initial rally, reaching a 24-hour peak of 3,705.14 at $9.25, but declined significantly during the subsequent pullback. Turnover dropped in tandem with the price decline, suggesting limited conviction in the bearish move. A divergence between volume and price during the last leg of the decline could hint at potential support holding.

Fibonacci Retracements

Fibonacci levels at 61.8% (~$9.13–$9.15) and 38.2% (~$9.17–$9.19) were key psychological levels. Price briefly held at the 61.8% level before breaking down further, signaling weak near-term demand. On the daily chart, the 61.8% retracement of the recent bearish move (~$9.20) appears to be a critical test for bullish traders.

The market may find a near-term bottom near $8.94–$8.96, with the 61.8% Fibonacci level offering potential for a rebound. However, the broader bearish bias remains intact, and a break below $8.91 could accelerate further downside risk in the next 24 hours. Investors should monitor volume and RSI for signs of buying interest.