Market Overview: Somnia/Tether (SOMIUSDT) – 24-Hour Technical Summary

Summary
• Price rallied to 0.3831 before retreating to 0.3718, with volume surging during the peak.
• RSI appears overbought early, followed by bearish momentum and volume divergence.
• Bollinger Bands indicate volatility expansion early, then contraction toward the close.

Somnia/Tether (SOMIUSDT) opened at 0.3537 on 2025-11-05 at 12:00 ET, reached a high of 0.3831, and closed at 0.3718 by 12:00 ET on 2025-11-06. The pair traded with a total volume of 11,099,020 and a notional turnover of approximately $3,922,665 over the 24-hour period.

Structure & Formations

Price formed a broad bullish breakout to 0.3831 before consolidating in a descending pattern. A bearish engulfing formation appeared after the 0.3831 high, signaling potential reversal. A key resistance is now seen at 0.3831–0.3850, with support near 0.3650. A doji at 0.3644 suggests indecision, while the 0.3736–0.3760 zone could become pivotal in the next 24 hours.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs are both trending upward, but price is now below the 50SMA, suggesting short-term bearish pressure. On the daily chart, the 50DMA crossed above the 100DMA recently, but price is currently below the 200DMA, indicating a mixed longer-term bias.

MACD & RSI

MACD crossed bearishly into negative territory, with a declining histogram confirming weakening momentum. RSI peaked at over 70 early in the session, indicating overbought conditions, followed by a drop below 50, suggesting bearish exhaustion may continue.

Backtest Hypothesis

There was an issue retrieving SOMIUSDT’s historical technical-indicator data (“get_asset_base_info …”), which normally means the data source can’t locate that exact ticker symbol. To move forward, I need to confirm a couple of points:

1. Ticker confirmation
   • Is “SOMIUSDT” the exact symbol (e.g., on Binance, KuCoin, etc.)?
   • If your exchange uses a slightly different code (such as “SOMI-USDT”, “SOMI/USDT”, or another suffix), please let me know.

2. RSI threshold
   • By default, the overbought level is RSI > 70 (14-period). If you prefer a different period or threshold, please share.

Once I have the correct ticker format (and any RSI preference), I can re-query the data, build the event dates where a Bearish Engulfing pattern and an RSI-overbought signal appear on the same day, and then run the one-day short-side backtest from 2022-01-01 through today.

Let me know and I’ll proceed immediately.

Bollinger Bands

Bollinger Bands expanded early in the session as price surged toward 0.3831. The bands have since contracted, and price now trades within a tighter range, indicating decreasing volatility. The close of 0.3718 lies near the mid-band, suggesting potential for a breakout or further consolidation ahead.

Volume & Turnover

Volume spiked significantly during the 22:00–23:00 ET period, aligning with the 0.3831 high, but has since declined, indicating potential bearish exhaustion. Notional turnover remains strong but is now in line with average levels. A divergence between rising price and falling volume during the peak may signal a reversal.

Fibonacci Retracements

The 0.3831–0.3519 swing shows the 61.8% retracement at ~0.3660, which was tested and rejected. The current price of 0.3718 is close to the 50% retracement level, suggesting potential for a test of the 38.2% level at ~0.3785 in the next 24 hours.

Forward-Looking View

The near-term bias tilts bearish as price consolidates below key resistance and RSI remains below 50. A retest of 0.3650–0.3675 is likely, but a strong close above 0.3785 could rekindle bullish sentiment. Investors should remain cautious around 0.3630–0.3650 as support may hold firm.