Market Overview for Radworks/Tether USDt (RADUSDT)

• Price action showed bullish momentum after 08:00 ET with a strong break above prior highs.
• RSI and MACD indicated rising momentum, with no overbought signs yet.
• Bollinger Bands expanded, suggesting increased volatility in the morning session.
• Turnover surged post 08:00 ET, confirming the breakout with high volume participation.
• No significant bearish patterns emerged in the last 24 hours.

Radworks/Tether USDt (RADUSDT) opened at $0.658 at 12:00 ET - 1, hitting a high of $0.682 and a low of $0.655 before closing at $0.671 as of 12:00 ET today. Total volume over the 24-hour period was 752,986.1, with notional turnover reaching $498,966. The pair exhibited a bullish reversal pattern in the morning session and saw a significant increase in both volume and turnover after 08:00 ET.

Structure & Formations

The 24-hour chart shows a key support level forming around $0.663 and a potential resistance at $0.682. The morning session saw a bullish engulfing pattern develop between 07:45 and 08:00 ET, followed by a continuation pattern that suggested sustained momentum. A doji at $0.664 in the early hours of 09/05 hinted at indecision, but this was quickly followed by a strong bullish continuation. Price action suggests the pair is in a consolidation phase after the morning breakout.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in a bullish fashion, indicating a potential trend change. The 50-period line is now below the 20-period line, forming a golden cross. On the daily chart, the 50-period line is above the 100-period and 200-period lines, but the 50-period line is flattening and showing signs of resistance from the 100-period line. This suggests the pair may be transitioning into a more neutral trend or preparing for a breakout.

Backtest Hypothesis

A potential backtest strategy could involve entering a long position upon a bullish engulfing pattern formation, confirmed by a golden cross of the 20 and 50-period moving averages on the 15-minute chart. Stops could be placed just below the doji at $0.664, while targets could be set at the next resistance level around $0.682. This strategy would align with the recent breakout and increased volatility, with the added confirmation of the moving average crossover suggesting a higher probability of success.

MACD & RSI

The MACD line crossed above the signal line in the morning, confirming the bullish momentum. The histogram has been expanding, suggesting the strength of the upward move. RSI is currently at 64, indicating positive momentum but not overbought yet. This suggests that the bullish move is still in early stages and could continue for a short to medium term. However, if RSI approaches 70 without a corresponding rise in volume, it may signal a slowdown.

Bollinger Bands

The Bollinger Bands have recently expanded after a contraction during the overnight session, indicating increased volatility in the morning breakout. Price remains within the upper band, suggesting that the move is still driven by strong buying pressure. A retest of the lower band could be expected, especially if volume and momentum indicators signal a potential reversal. A sustained close below the middle band would be a bearish signal, suggesting renewed selling pressure.

Volume & Turnover

Volume and notional turnover spiked significantly after 08:00 ET, confirming the bullish breakout. The increase in volume aligns with the price action, suggesting the move is being driven by genuine buying pressure rather than retail hype. The volume-to-price divergence seen in the early morning hours has resolved itself, with volume now supporting the upward move. A divergence in volume and price in the next 24 hours could signal a potential reversal or consolidation.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing, the key levels to watch are 38.2% at $0.674 and 61.8% at $0.685. Price is currently approaching the 38.2% retracement level, and a breakout above this could suggest a continuation of the bullish trend. On the daily chart, the 61.8% retracement level is at $0.69, and this could act as a strong resistance target if the bullish trend continues.

The forward-looking view for the next 24 hours is cautiously bullish. The strong morning breakout, confirmed by volume and momentum, suggests the pair may continue upward. However, a retest of the $0.663 support level could trigger a short-term pullback, and investors should remain cautious of overbought conditions. Divergences in price and volume or a breakdown below key support levels could signal a shift in sentiment. Investors should monitor RSI and MACD for signs of exhaustion.