Market Overview for Sophon/Tether (SOPHUSDT) on 2025-11-07

Summary• Sophon/Tether (SOPHUSDT) closed higher at 0.02195, up from 0.02131 with a high of 0.02258 and a low of 0.02150.
• Rising momentum seen in RSI and MACD, indicating potential bullish continuation.
• Volatility expanded, with price moving beyond Bollinger Bands upper band in late session.
• Notable volume spikes observed in morning and afternoon ET, with consistent turnover support.
• Bullish Engulfing patterns emerged during key breakout phases, suggesting possible short-term bullish bias.

Sophon/Tether (SOPHUSDT) opened at 0.02131 on 2025-11-06 at 12:00 ET and closed at 0.02195 on 2025-11-07 at 12:00 ET, reaching a high of 0.02258 and a low of 0.02150. The 24-hour volume totaled 19,859,355.0 and turnover reached $437,167.82. The price action suggests a bullish reversal may be forming.

Over the past 24 hours, SOPHUSDT formed a key bullish pattern around 0.02192, where it broke above a descending channel. A 20-period and 50-period moving average crossover confirmed the strength of the breakout. Price appears to have found a new short-term support at 0.02172, while resistance is now testing at 0.0222. The formation of multiple bullish engulfing patterns at key support levels suggests strong buying interest.

The RSI rose from 39 to 62 over the 24 hours, indicating strengthening momentum without yet reaching overbought territory. MACD turned positive and crossed above the signal line, reinforcing the bullish case. However, traders should monitor for a potential pullback as overbought levels may trigger profit-taking.

Bollinger Bands widened significantly, especially during the 4–5 AM ET window, when the price surged above the upper band. This suggests heightened volatility and possible continuation of the upward trend. Key Fibonacci retracement levels at 0.02201 (61.8%) and 0.02224 (78.6%) align with recent high-activity areas, suggesting potential price consolidation or further momentum.

Backtest Hypothesis: A proposed strategy using Bullish Engulfing candlestick patterns on SOPHUSDT involves entering a long position on confirmation of the pattern and holding for 48 hours. The 24-hour data shows multiple potential candidates for such signals, particularly at 0.02192 and 0.02219. While the strategy would require confirmation from a recognized exchange symbol or direct data source to run a full back-test, preliminary analysis suggests it could align with current momentum and trend continuation. Proper filtering of false signals is essential due to the asset’s volatility.