Market Overview for Prom/Tether (PROMUSDT) – 24-Hour Summary as of 2025-12-13

Summary
• Price traded between $8.85 and $9.50, with a 6.1% rebound from session lows.
• A bullish engulfing pattern formed near $8.95 as volume surged, suggesting short-term buying interest.
• Volatility expanded after a contraction in the pre-market, with prices settling just below the 20-period MA.
• RSI hit 28 near $8.95 before bouncing, hinting at oversold conditions, though volume was mixed.
• Turnover surged during the post-12:00 ET rebound, confirming a short-covering rally near key Fibonacci levels.

Market Overview

Prom/Tether (PROMUSDT) opened at $9.249 at 12:00 ET − 1, with a high of $9.50, low of $8.85, and closed at $9.285 as of 12:00 ET today. Total volume was 67,235.57, while notional turnover was $623,000 over 24 hours.

Structure & Formations

A bullish engulfing pattern formed near $8.95, supported by a 3903.57 volume spike. Price then pushed back to test the 20-period MA on the 5-min chart near $9.25, suggesting short-term buyers are active. A doji at $9.326 indicates indecision during the early morning recovery.

Moving Averages

The 50-period and 20-period moving averages on the 5-min chart are converging near $9.25, with price hovering just above. On the daily chart, the 200-period MA is at ~$9.15, indicating a potential support floor ahead.

MACD & RSI

The MACD crossed back into positive territory after a bearish crossover near $9.00, confirming a short-term bounce. RSI hit an oversold 28 at $8.94 before rising to 52 at $9.28, suggesting momentum is improving but may remain fragile.

Bollinger Bands

Volatility expanded after a contraction in the 00:00–00:30 ET timeframe, with prices closing near the middle band at $9.28. The daily Bollinger Bands show the 20-period band at $9.23, with price edging into overbought territory.

Volume & Turnover

Volume spiked above 3,000 during the $8.95–$9.10 rebound, with a sharp increase in turnover as prices rose. Divergences were minimal, with price and volume largely confirming the short-covering rally.

Fibonacci Retracements

On the 5-min chart, the $9.10–$9.40 swing shows key retracements at $9.26 (38.2%) and $9.32 (61.8%). Price tested both levels before consolidating near $9.28, indicating potential support ahead.

Looking ahead, buyers may test the 61.8% retracement at $9.32 if the short-covering momentum holds. However, a break below $9.25 could see a retest of $9.15 as near-term support. Investors should remain cautious on overbought momentum and watch for divergence in volume.