Market Overview for Space and Time/Tether (SXTUSDT)

• SXTUSDT declined from 0.0683 to 0.0666 on high volatility.
• Price tested 0.0668 as a potential support level twice.
• On-chain volume surged during the overnight sell-off.
• RSI signaled oversold conditions in the 24-hour timeframe.
• Strong rebound off key support suggests short-term bottoming action.

SXTUSDT opened at 0.0674 on 2025-10-07 at 12:00 ET and peaked at 0.0699 before falling to a 24-hour low of 0.0658. Price closed at 0.0666 on 2025-10-08 at 12:00 ET, down ~4.7% over the period. Total volume reached 9.87 million, while turnover (notional value) hit $660.14 million, indicating significant activity amid sharp price swings.

Structure & Formations

The price action showed a strong bearish trend during the overnight session, with a notable breakdown below 0.0670 followed by a sharp rebound off the 0.0668 support level. A potential bearish engulfing pattern formed around 0.0674–0.0668 before a recovery began. A bullish divergence in volume and RSI during the final hours suggests buying interest may be building. A key resistance at 0.0675 and support at 0.0668 appear to be pivotal for near-term direction.

Moving Averages

On the 15-minute chart, the 20 and 50-period SMAs trended downward for most of the 24-hour period, confirming the bearish momentum. The daily chart showed the 50-period MA at 0.0676 and the 200-period MA at ~0.0678, with price below both, suggesting a continuation of the downtrend. A close above the 50-period MA may signal a near-term reversal.

MACD & RSI

The MACD remained negative throughout most of the 24-hour period, with bearish crossovers reinforcing the downtrend. RSI hit oversold territory below 30 during the overnight session, which may indicate potential for a short-term bounce. However, the RSI has yet to confirm a bearish reversal, suggesting traders should monitor the next move with caution.

Bollinger Bands

Volatility expanded significantly during the sharp sell-off to 0.0658, with price touching the lower band. The 15-minute Bollinger Bands widened, indicating increased uncertainty and a potential breakout attempt. Price has since remained within the bands, with no clear direction forming yet.

Volume & Turnover

Volume surged during the overnight hours, particularly in the 03:00–05:00 ET window, coinciding with the breakdown below 0.0670. However, volume declined during the rebound, suggesting a potential lack of conviction in the upward move. Turnover followed a similar pattern, reinforcing the bearish bias.

Fibonacci Retracements

Key Fibonacci levels on the overnight 0.0699–0.0658 swing showed 0.0668 at the 61.8% level, which acted as a strong support. The 38.2% level at 0.0681 appears as a potential resistance for a short-term rebound. A close above 0.0675 may indicate that the 50% retracement is the next target.

Backtest Hypothesis

A potential backtest strategy involves entering a long position when price closes above the 61.8% Fibonacci level (0.0668) and the RSI exits oversold territory with a bullish divergence. A stop-loss could be placed below 0.0665, with a target at the 38.2% level at 0.0681 and a second target at the 50% level at 0.0683. This setup would aim to capture a short-term bounce in a broader bearish context, leveraging both price and momentum signals.