Market Overview for Wormhole/Tether (WUSDT) on 2025-11-04

Summary
• WUSDT traded in a consolidating downtrend, with bearish momentum intensifying after 20:00 ET.
• A sharp selloff to 0.0544 emerged late, driven by high volume and low bids.
• Volatility expanded significantly in the latter half, while RSI approached oversold territory.

At 12:00 ET on 2025-11-04, Wormhole/Tether (WUSDT) opened at 0.057, peaked at 0.0591, and closed at 0.057 at the same time the next day. The price low was 0.0544, seen at 06:00 ET. Total volume reached approximately 44.4 million units, with notional turnover at $2.78 million, indicating heightened trading intensity amid a bearish price environment.

Structure & Formations
The 15-minute candlestick chart reveals a bearish bias with a key support forming near the 0.0544–0.0553 level. A series of lower highs and lower lows since 17:00 ET on 2025-11-03 has led to a downward wedge formation. A bearish engulfing pattern at 19:00 ET and a long lower shadow at 04:15 ET signaled bearish conviction, while a doji at 05:30 ET hinted at indecision and potential short-term exhaustion.

Moving Averages
On the 15-minute chart, the 20-period and 50-period moving averages both trend downward, with the 50-SMA crossing below the 20-SMA, suggesting bearish momentum. On the daily chart, the 50/100/200-SMA alignment is bearish, with price trading well below all three, reinforcing the downward bias.

MACD & RSI
The MACD line has been below the signal line for the majority of the session, confirming the bearish trend. Negative divergence is evident after 03:00 ET, where price lows fall below previous ones, but the MACD fails to make lower lows, hinting at a potential short-term bounce. RSI has been in oversold territory since 05:00 ET, indicating a potential reversal or pullback could occur if buyers re-enter.

Bollinger Bands
Volatility expanded sharply after 00:45 ET with the price breaking below the lower band, a sign of strong bearish pressure. The bands have since widened, suggesting increased uncertainty and possible price consolidation near the 0.055–0.056 range in the near term.

Volume & Turnover
Volume surged to over 3.9 million units at 06:00 ET during the sharp decline to 0.0544, supporting the bearish move. Turnover also spiked, reaching $206,000 on that candle. A divergence between falling prices and lower volume after 17:00 ET suggests weakening bearish momentum.

Fibonacci Retracements
Applying Fibonacci to the 0.057–0.0591 swing, price has retested key levels such as 0.0576 (38.2%) and 0.0564 (61.8%). A break below 0.0553 (78.6%) would confirm a deeper leg down, potentially targeting 0.0544.

Backtest Hypothesis
Given the observed technical signals—such as bearish engulfing patterns, RSI hitting oversold levels, and a sharp volume spike during the 06:00 ET candle—a possible backtesting strategy could be to enter short positions on confirmation of a break below key support levels, with stops placed just above major resistance. A 3-day holding period would allow for capturing bearish continuation or testing of key Fibonacci levels. To execute this hypothesis effectively, accurate data from the correct ticker is essential.