Market Overview for Qtum/Tether (QTUMUSDT) on 2025-10-03

• QTUMUSDT formed a bullish engulfing pattern near 2.242 after a bearish correction from 2.294.
• Price action saw a 2.294 high and 2.222 low over 24 hours, showing a volatile 3.5% range.
• RSI moved from overbought to neutral territory, signaling easing short-term momentum.
• Volume spiked during the 19:15–20:00 ET range, aligning with a sharp pullback.
• Price appears to consolidate between 2.240–2.260, suggesting potential for a directional breakout.

The QTUM/Tether pair opened at 2.232 on 2025-10-02 at 12:00 ET and closed at 2.232 on 2025-10-03 at 12:00 ET, with a high of 2.294 and a low of 2.222 over the 24-hour period. Total volume amounted to 397,595.3, while notional turnover totaled approximately $916,960, highlighting active trader participation and price volatility.

Structure and formations on the 15-minute chart revealed a key bullish engulfing pattern near 2.242, where a bearish candle was followed by a larger bullish candle, signaling a potential reversal in sentiment. Support levels emerged at 2.240 and 2.232, both tested multiple times, with the latter acting as a firm floor. Resistance levels at 2.260 and 2.275 were both capped by bearish reactions, indicating short-term hesitancy. A notable doji appeared at 2.252 on the 06:15 ET candle, signaling indecision after a short rally.

The 20-period and 50-period moving averages on the 15-minute chart intersected near 2.255, suggesting a shift in momentum. On the daily chart, the 50-period and 200-period EMAs remained crossed, indicating a neutral-to-bullish bias for the broader trend. Price hovered just below the upper Bollinger Band during the 19:30–20:30 ET period, a sign of volatility expansion and heightened bullish momentum. However, it later retraced to the middle band, suggesting mean reversion in play.

RSI values fluctuated between overbought and neutral, peaking at 70 near 2.294 and dropping to 35 near 2.232. This suggests overbought conditions may have preceded a pullback, with short-term oversold readings indicating a possible rebound. MACD lines crossed above the signal line during the 19:30–20:15 ET period, confirming bearish momentum, but later flattened, indicating a possible pause in trend strength. Volume spiked during the 19:15–20:00 ET period, aligning with the sharp pullback from 2.294 to 2.232, suggesting strong distribution. However, price action did not confirm a new bottom immediately, and volume normalized after 03:00 ET, indicating fading urgency.

Fibonacci retracements applied to the 2.222–2.294 range identified key levels at 2.259 (38.2%) and 2.275 (61.8%), both of which acted as resistance during the 19:30–21:00 ET period. The 50% retracement at 2.257 showed strong rejection, with price failing to close above it. This suggests that buyers may need to commit more aggressively to push above this critical threshold for a potential continuation.

The backtesting strategy involves using the 20-period and 50-period moving averages as dynamic support and resistance levels on the 15-minute chart. A long entry is triggered when price closes above the 20-period moving average after a pullback below it, with a stop loss placed below the nearest Fibonacci level. The strategy aims to capture short-term rebounds during consolidation phases and requires confirmation from RSI and volume to avoid false breakouts.