Market Overview: Prom/Tether (PROMUSDT) 24-Hour Analysis

Summary
• Price formed a bearish engulfing pattern at 9.15, signaling potential short-term reversal.
• Volatility expanded after 03:00 ET, with a low at 9.042 and a high at 9.175.
• RSI reached oversold territory near 9.04, hinting at potential near-term bounce.
• Bollinger Bands widened significantly during the price decline, suggesting heightened uncertainty.

Prom/Tether (PROMUSDT) opened at 9.163 at 12:00 ET−1 and reached a high of 9.175 before closing at 9.04 at 12:00 ET. The price traded between 9.042 and 9.175 with a volume of 50,163.96 and a turnover of 446,475.05 USDT.

Structure & Formations

Price action displayed a bearish engulfing pattern around 9.15, reinforcing short-term bearish sentiment. A deep correction to 9.042 suggested overselling, with potential for a rebound. A doji formed at 9.105, hinting at indecision.

Moving Averages

On the 5-minute chart, the price remained below key 20 and 50-period SMAs, reflecting continued bearish momentum. The 50-period SMA at 9.12 served as dynamic resistance.

MACD & RSI

The MACD crossed below the signal line after 03:00 ET, reinforcing bearish momentum. RSI dropped into oversold territory near 9.04, suggesting a potential bounce in the near term.

Bollinger Bands

Bollinger Bands expanded as price dropped below the lower band during the 03:00−04:30 ET window, indicating heightened volatility and a potential for mean reversion.

Volume & Turnover

Turnover spiked during the 03:15−04:45 ET period, coinciding with the price low at 9.042. Volume remained elevated during the breakdown, offering confirmation of bearish sentiment.

Fibonacci Retracements

On the 5-minute chart, the 61.8% retracement level of the 9.042−9.175 swing fell near 9.10, aligning with recent support.

The price may consolidate near 9.10 in the next 24 hours as RSI suggests a potential bounce from oversold levels. However, renewed selling pressure below 9.07 could extend the downward trajectory. Investors should monitor volume and key Fibonacci levels for confirmation of further direction.