Market Overview for Prom/Tether USDt (PROMUSDT) - 2025-09-06

• Price surged from $8.93 to $9.11, with a 24-hour high of $9.111.
• RSI reached 75, indicating overbought conditions, while MACD showed bullish momentum.
• Bollinger Bands showed widening volatility with price near the upper band at key resistance.
• Volume spiked at 16:15 ET and 06:30 ET, aligning with price breakouts and pullbacks.
• A strong bearish divergence appeared in the late session as price pulled back despite high volume.

Opening Narrative

The Prom/Tether USDt pair (PROMUSDT) opened at $8.933 on 2025-09-05 16:00 ET and reached a high of $9.111 before closing at $9.088 on 2025-09-06 16:00 ET. The 24-hour trading period recorded a total volume of 137,819.79 and a notional turnover of $1,247,772.16.

Structure & Formations

The price action displayed a clear bullish trend, particularly between 06:15 ET and 14:45 ET, where it broke above previous resistance levels. A strong engulfing bullish candle at 06:15 ET confirmed the breakout. Later in the session, a bearish hanging man pattern at 15:15 ET hinted at potential near-term exhaustion. Key support levels were observed at $8.942 and $8.921, while resistance held at $9.07–$9.08 and $9.10–$9.11.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were bullish, with the 20SMA crossing above the 50SMA at 06:15 ET. The 50-period MA on the daily chart confirmed a longer-term bullish trend. Price remained above all key MAs for the last 48 hours, suggesting a continuation of bullish momentum.

MACD & RSI

The MACD crossed above zero at 06:15 ET and remained in positive territory, indicating sustained bullish momentum. The 15-minute RSI peaked at 75, signaling overbought conditions, while the daily RSI hovered near 65, consistent with a strong uptrend. A bearish divergence emerged in the late session, with RSI failing to make a higher high as price declined, suggesting potential short-term profit-taking.

Bollinger Bands

Volatility expanded significantly between 06:30 ET and 14:45 ET, with the upper band peaking at $9.124. Price traded near the upper band for much of the day, indicating a strong bullish bias. A retest of the lower band occurred near $9.042, which held as a temporary support level.

Volume & Turnover

Volume spiked at 5110.54 at 06:30 ET and 3912.57 at 07:30 ET, coinciding with price breakouts. Turnover also increased during these periods, reinforcing the strength of the move. A bearish divergence appeared after 15:15 ET, with volume increasing but price falling, indicating possible short-term weakness ahead.

Fibonacci Retracements

On the 15-minute chart, the most recent bullish swing from $8.921 to $9.111 saw a pullback to the 61.8% Fibonacci level at $8.98–$9.00, which acted as a temporary floor. On the daily chart, the Fibonacci retracement of the last major bearish swing showed $8.95 and $9.05 as potential support and resistance levels ahead.

Backtest Hypothesis

A backtesting strategy based on MACD crossover and Fibonacci retracement levels may offer a viable approach for capturing this bullish trend. A long entry could be triggered when the 15-minute MACD crosses above zero after a retest of the 61.8% Fibonacci level at $8.98–$9.00, with a stop-loss placed just below the $8.95 support level. The target would be the next Fibonacci resistance at $9.07–$9.08 and possibly the upper Bollinger Band at $9.12. The strategy’s effectiveness would depend on sustained bullish momentum and low divergence in RSI and volume.

Forward-Looking View & Risk Caveat

The next 24 hours may see a continuation of bullish momentum if key resistance levels at $9.08–$9.10 are cleared, potentially pushing toward $9.12. However, traders should remain cautious as overbought RSI and bearish divergence in the late session suggest a possible short-term pullback. A breakdown below $9.04 could trigger a retest of $8.95–$8.94 as a key area of support. As always, volatility remains a risk in fast-moving markets.