Market Overview for Prom/Tether (PROMUSDT)

Summary
• Prom/Tether tested key support near $8.85 before rebounding on increased volume.
• Price broke above the 20-period moving average for the first time in 24 hours.
• RSI showed overbought conditions toward the end of the session, suggesting potential pullback.
• A bullish engulfing pattern emerged in the late morning, signaling a short-term reversal.
• Bollinger Bands contracted mid-session before a sharp expansion during the rally.

Prom/Tether (PROMUSDT) opened at $8.928 at 12:00 ET - 1, reached a high of $9.071, a low of $8.841, and closed at $8.990 at 12:00 ET. Total volume was 65,664.75 units, with a notional turnover of $592,233.

Structure & Moving Averages

Price action showed clear support at $8.85, with a bullish engulfing pattern forming around 09:15 ET. The 20-period moving average crossed into a bullish trend as price pushed above it during the late morning. On the daily chart, the 50-period moving average appears to be a key line to watch for continuation or reversal.

Momentum and Volatility

Relative Strength Index (RSI) pushed into overbought territory above 70 for a short period around 09:30–10:00 ET, suggesting a potential correction. Bollinger Bands saw a notable contraction in the early hours before a sharp expansion aligned with the breakout. MACD crossed above the signal line mid-morning, supporting a possible continuation.

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Volume and Turnover

Volume spiked during the mid-morning rally, confirming the strength of the upward move. Turnover aligned with the volume increase, showing no signs of divergence. The largest 5-minute candle by volume occurred at 11:15 ET, closing at $9.045.

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Fibonacci Retracements

Key Fibonacci levels from the recent swing low at $8.841 to the high at $9.071 include 61.8% at $8.973 and 78.6% at $9.035. Price closed near the 61.8% retracement level, suggesting this could act as a short-term support/resistance area.

If the bullish momentum holds, Prom/Tether may test the next Fibonacci level at $9.035. However, overbought RSI readings and thin volume in recent sessions suggest caution for potential pullbacks. Investors should monitor the 20-period moving average and key support at $8.973 for signs of weakness in the next 24 hours.