Market Overview: Tether/Dai (USDTDAI) 24-Hour Performance

Summary
• Price opened at 0.9998 and closed at 1.0001 with a range of 0.9994–1.005.
• A sharp upswing formed overnight, reaching a high of 1.005, indicating potential bullish momentum.
• Volume increased notably during the early hours of the morning, confirming the strength of the rally.

Tether/Dai (USDTDAI) opened at 0.9998 at 12:00 ET–1 and closed at 1.0001 by 12:00 ET. The 24-hour range was 0.9994 to 1.005, with a total traded volume of 13,336,088.6 and a notional turnover of 13,331,178.91. This suggests significant trading activity and price movement driven by increasing demand.

Structure & Formations

Overnight, Tether/Dai formed a strong bullish continuation pattern as the price moved higher on increasing volume. Key support levels appear to be forming around 0.9996 and 1.0, with a breakout above 1.0002 suggesting strong bear-to-bull sentiment. A notable Bullish Engulfing pattern formed between 00:15 ET and 00:30 ET, indicating a potential reversal from bearish to bullish bias. Resistance appears to be testing at 1.0004 and 1.005, levels that must be confirmed for a sustained move higher.

Moving Averages

On the 15-minute chart, the price spent much of the 24-hour period above both the 20 and 50-period moving averages, signaling a strong uptrend. The 50-period line appears to have acted as dynamic support during the overnight dip. On the daily chart, the 50 and 100-period lines are converging around the 1.0 level, suggesting a key psychological and technical level is being contested.

MACD & RSI

The MACD crossed into positive territory early in the morning and remained bullish, suggesting growing momentum. RSI climbed to 60–65 by the end of the session, indicating moderate bullish strength but not yet overbought conditions. A move above 65 could prompt further buying interest or trigger algorithmic buy signals.

Backtest Hypothesis

Given the observed Bullish Engulfing pattern and the confirmation of key support and resistance levels, a potential backtest strategy could involve entering long positions at the close of the engulfing candle and holding for a one-day period. The strategy would rely on the continuation of the bullish momentum observed in the overnight session. To execute this, we would need a valid ticker or a list of signal dates for the USDTDAI pair to run the backtest from 2022-01-01 to the current date.