Market Overview for WOO/Tether (WOOUSDT) as of 2025-10-08

• Price drifted lower over 24 hours, closing near session lows after a failed rally attempt.
• Volatility expanded during overnight hours, with a sharp drop below key support levels.
• RSI signaled oversold conditions late in the session, though momentum remains bearish.
• Volume picked up during the downward move, indicating bearish confirmation.

WOO/Tether (WOOUSDT) opened at 0.0686 on 2025-10-07 at 12:00 ET, reached a high of 0.0699, and a low of 0.066, closing at 0.0677 by 12:00 ET the following day. Total volume for the 24-hour period was 38,416,738.8, with a notional turnover of approximately $2,643,359 (assuming $1 = 1 Tether).

Structure & Formations

Price action revealed a key breakdown below the 0.0685 support level, with the last 15-minute candle closing at 0.0677. This formed a bearish continuation pattern, with a long lower wick confirming weak demand. A potential short-term support level is forming around 0.0675–0.0677, where price has bounced twice overnight. Resistance now sits at 0.0683–0.0685, which failed to hold during the sell-off. A morning doji at 0.0686 suggested indecision after a failed rally, while a late bearish engulfing pattern confirmed the downward shift in sentiment.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart have both crossed bearish territory, with price trading below both. On the daily chart, the 50, 100, and 200-period moving averages are aligned bearishly, with WOOUSDT under the 50-period MA, indicating a broader downtrend. A retest of the 50-day MA may occur in the near term but appears to be a weak support at this point.

MACD & RSI

The MACD has turned negative and remains below its signal line, confirming bearish momentum. The histogram has widened during the late-night sell-off, showing accelerating downside pressure. RSI hit oversold territory at 26 late in the session, but the move did not trigger a reversal. This suggests a lack of buyers despite the technical indicator signaling an oversold condition. The divergence between RSI and price action points to a continuation of the downward trend, with a potential rebound likely to be short-lived.

Bollinger Bands

Price has spent the last 24 hours oscillating within the Bollinger Bands, but the lower band has compressed during the early morning hours before expanding again as the selloff deepened. The current price is near the lower band at 0.0675–0.0677, indicating a period of high volatility and bearish pressure. A sustained move above the middle band would be needed to confirm a short-term bounce, but this seems unlikely without strong volume.

Volume & Turnover

Volume spiked during the late-night and early morning sell-off, especially between 03:00 ET and 04:00 ET, where price dropped from 0.0674 to 0.0669 on high-volume bearish momentum. This aligns with a notable increase in notional turnover during the same period. However, volume has since declined, suggesting the selloff may be exhausting. A divergence appears between volume and price: while volume increased during the downward move, it has not supported a corresponding rally on the rebound.

Fibonacci Retracements

Using the recent swing high at 0.0699 and low at 0.066, Fibonacci retracement levels suggest 0.0678 (23.6%), 0.0679 (38.2%), and 0.0681 (61.8%) as potential areas of interest. Price has bounced around the 38.2% level but failed to break above 0.0683, indicating weak buying interest. The 61.8% level is a potential short-term resistance but appears unlikely to hold given the current bearish structure.

Backtest Hypothesis

Given the bearish confirmation from volume, moving averages, and candlestick formations, a backtesting strategy could explore a short-biased entry on a close below the 0.0683 support level with a stop above the 0.0685–0.0687 range. A target could be set at 0.0671–0.0669, aligning with the recent Fibonacci 38.2% retracement and the lower Bollinger Band. This approach would capitalize on the current bearish structure and oversold RSI without assuming an immediate reversal. The key to the strategy’s success would depend on maintaining the short-term downtrend and avoiding false breakouts.