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

Summary
• Price dropped to $9.156 before consolidating near $9.18–$9.20.
• Volume spiked during the early ET selloff but declined afterward.
• RSI and MACD indicate short-term oversold conditions and weakening momentum.

The 24-hour period for Prom/Tether (PROMUSDT) opened at $9.252, hit a high of $9.327, fell to a low of $9.156, and closed at $9.19. Total volume was 25,304.95 and notional turnover was $230,334. The pair faced bearish pressure during the early hours, with a sharp drop below key support levels.

Structure & Formations

Price action showed a bearish breakdown below the $9.20 support, forming a key reversal pattern at $9.156. A potential support zone between $9.18 and $9.19 is showing signs of reaccumulation, with a bullish engulfing pattern forming near $9.18–$9.19.

Moving Averages

On the 5-minute chart, price has been below the 20- and 50-period moving averages, suggesting short-term bearish bias. Daily averages indicate a longer-term consolidation phase, with no clear directional bias yet.

MACD & RSI

The MACD has turned negative with bearish divergence, while RSI has entered oversold territory near 28. This suggests a potential short-term bounce, but momentum remains weak and could consolidate further.

Bollinger Bands

Price traded near the lower band of the Bollinger Bands, indicating low volatility and a potential mean reversion. Volatility remains compressed, suggesting a breakout or continuation could be near.

Volume & Turnover

High volume during the initial sell-off confirmed bearish sentiment, but volume has since declined. Notional turnover dropped after the morning session, indicating reduced conviction in both directions.

Fibonacci Retracements

A 61.8% retracement level of the recent $9.156–$9.327 move is at $9.21, which appears to have failed as support. The 38.2% retracement is at $9.19, where price is now consolidating and could face renewed testing.

Price may find near-term support at $9.16–$9.18 and resistance at $9.21–$9.24. Traders should watch for a potential rebound from the 38.2% Fibonacci level. However, limited volume and bearish momentum indicators suggest a cautious outlook for the next 24 hours, with a risk of renewed downside pressure if key support breaks.