Market Overview for Prom/Tether (PROMUSDT): A Strong Reversal and Rising Momentum

• Prom/Tether (PROMUSDT) rose from $9.92 to $10.43 on strong late-day volume and a bullish reversal pattern.
• Price traded within a $0.50 range early before surging 5.2% on 300% above average volume.
• A Bullish Engulfing pattern formed at $9.92-10.00 before a 15-minute breakout to $10.43.
• MACD turned positive and RSI climbed above 60, suggesting rising momentum and strength.
• Bollinger Bands expanded to a 1.12% width, with price near the upper band at peak.

Market Overview for Prom/Tether (PROMUSDT): A Strong Reversal and Rising Momentum

Prom/Tether (PROMUSDT) opened at $9.92 on October 30 at 12:00 ET and rose to a high of $10.43 before settling at $10.227 at 12:00 ET the following day. The pair traded between $9.92 and $10.43 over the 24-hour period. Total trading volume amounted to approximately 66,340.65 units, while notional turnover was estimated at over $662,753.

Structure & Formations

The 15-minute chart showed a critical support level forming at $9.92–$9.93, where a large bearish candle (16:45 ET) gave way to a strong Bullish Engulfing pattern at 19:15 ET. This engulfing candle—opening at $9.93 and closing at $10.035—confirmed a potential reversal. Subsequent candles formed a sharp upward thrust, suggesting a breakout from a descending wedge pattern that had persisted since early afternoon. Resistance levels appear to have moved to $10.43–$10.46, while support remains at $10.16–$10.20.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed in favor of the 20SMA, indicating an upward bias. The 50-period SMA was below the 100-period SMA on the daily chart, suggesting short-term strength but with no clear long-term directional bias yet. Prices remain above the 200-period SMA, which currently sits at $9.87, adding to the case for a continuation of the recent recovery.

MACD & RSI

The MACD turned positive and crossed above its signal line in the final two hours, confirming bullish momentum. The RSI rose above 60 and approached overbought territory, reaching 66 at peak. While not in extreme overbought territory, the indicator suggests rising buyer pressure and could signal a potential pullback if buyers fail to maintain control over the next few sessions.

Bollinger Bands

Bollinger Bands expanded to a width of 1.12% in the final hours of trading, with prices touching the upper band multiple times. This expansion indicates heightened volatility and increased likelihood of a trend continuation or correction. The current price of $10.227 sits approximately 0.8% below the upper band, suggesting that overbought conditions may not yet trigger a sharp reversal.

Volume & Turnover

Volume spiked in the final four hours, particularly between 23:30 and 00:15 ET, with a 15-minute candle at 00:15 ET showing a volume of 2,810.74 units—over 100% above the 24-hour average. This volume confirmed the strength of the price action, with no clear divergence between volume and price movement. Notional turnover followed the same pattern, indicating strong conviction in the upward move.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing (from $9.92 to $10.43), the 61.8% retrace level appears at $10.25, a level that has held as a minor resistance during the retracement phase. If the current uptrend continues, the next key level to watch is the 78.6% retrace at $10.36, followed by the 100% extension at $10.43, which has already been touched.

Backtest Hypothesis

To validate the potential of the Bullish Engulfing pattern observed on October 29 at $9.92–$10.00, a 5-day backtest is needed. Given that your data source failed to recognize the ticker “PROMUSDT,” we must confirm either the exact symbol format (e.g., “PROMUSDT.BINANCE”) or obtain a list of past Bullish Engulfing signals for this pair since 2022. Once we have this information, we can execute the backtest and assess the pattern’s historical performance using a 5-day holding strategy. This will help determine whether the recent signal is a high-probability trade or a one-off anomaly.