Market Overview for Sophon/Tether (SOPHUSDT) on 2025-11-06

Summary
• Price dropped to 0.02145, with intraday low at 0.02112 and rebound to 0.02254.
• Volume spiked to 3.5M at 06:15 ET, while turnover declined from peak levels.
• RSI signaled oversold conditions at 30, suggesting potential for reversal or continuation.

Sophon/Tether (SOPHUSDT) opened at 0.02293 on 2025-11-05 at 12:00 ET, reached a high of 0.02356, hit a low of 0.02112, and closed at 0.02214 by 12:00 ET on 2025-11-06. Total volume was 13,218,028. Total turnover stood at $289,950.

Structure & Formations

Price action formed a bearish reversal pattern after reaching a 24-hour high of 0.02356. A descending triangle emerged between 0.0235 and 0.0225, with a key support at 0.0219 and 0.02112. A long bearish candle at 16:00 ET indicated strong downward momentum and potential for further bearish continuation.

Moving Averages

The 20-period and 50-period moving averages (15-min chart) remained bearish with the 20-period below the 50-period. Daily moving averages showed a similar bearish crossover, suggesting continuation of the downtrend may remain intact for the next 24 hours.

MACD & RSI

The MACD remained in negative territory with a bearish crossover and narrowing histogram, suggesting weakening bearish momentum. RSI approached oversold levels at 30, hinting at potential bounce or consolidation. However, the price failed to hold above 0.0221 in recent 15-min candles, suggesting bears could regain control.

Bollinger Bands

Price traded at the lower band of the Bollinger Bands for much of the session, signaling oversold volatility. A contraction of the bands from 0.0230 to 0.0225 was followed by a sharp expansion to 0.02112, indicating a potential reversal or continuation of the bearish trend.

Volume & Turnover

Volume spiked at 3.5 million at 06:15 ET, with a sharp decline in turnover following the drop below 0.0220. Divergence between volume and price suggested weakening bearish conviction. Notional turnover dropped to $4,500 during the final 15-min candle, indicating reduced participation from large players.

Fibonacci Retracements

The 0.0225–0.02112 swing saw price testing the 61.8% Fibonacci level at 0.0216, before breaking lower. Daily Fibonacci levels from the prior week’s high of 0.0235 suggested further support at 0.0219 and 0.0216 as key levels to watch for the next 24 hours.

Backtest Hypothesis

To proceed with a backtest for the SOPH/USDT pair, it’s critical to resolve the data availability issue. If the correct OHLC price data is provided, a 14-period RSI strategy can be applied, triggering buy signals when RSI < 30 and holding for 14 calendar days. This approach would allow for a performance evaluation against the benchmark, but requires a reliable and continuous data source.