OpenLedger/Tether (OPENUSDT) Market Overview for 2025-11-12

Summary
• Price dropped from 0.2854 to 0.2720 before bouncing to 0.2830.
• Volatility picked up in the overnight hours, with volume peaking near 0.2720.
• RSI and MACD suggest oversold conditions with potential for a short-term reversal.

OPENUSDT, the pairing of OpenLedger and Tether, opened at 0.2844 on 2025-11-11 at 12:00 ET and closed at 0.2830 on 2025-11-12 at 12:00 ET. The 24-hour period saw a high of 0.2854 and a low of 0.2720, with a total trading volume of 1,313,469.8 and a notional turnover of $368,109.6.

Structure & Formations

The price action formed multiple bearish breakdowns in the overnight hours, particularly from 00:00 to 01:30 ET, with a key support level forming near 0.2720. A bullish recovery emerged after 05:00 ET, forming a series of higher lows and suggesting short-term buyers may be stepping in. A notable bullish engulfing pattern is visible around 06:30–08:00 ET, as the price moved from 0.2778 to 0.2792, showing a potential reversal after a consolidation phase.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed into bearish territory during the overnight selloff but have started to flatten as the price recovered. For the daily chart, the 50-period SMA has crossed below the 100-period SMA, signaling a bearish bias. The 200-period SMA continues to act as a long-term resistance around 0.2800–0.2820.

MACD & RSI

The MACD line has turned upward after a deep bearish divergence, suggesting a potential short-term reversal. The RSI has moved into oversold territory (<30) and may find support near 30–35, with a potential bounce expected in the near term. Momentum appears to be stabilizing as divergence between price and RSI narrows.

Bollinger Bands

Volatility expanded significantly during the overnight sell-off, with price reaching the lower band at 0.2720 before rebounding. Currently, the price is near the middle band on a 15-minute chart and within the lower half of the daily band, indicating that volatility remains subdued compared to earlier swings.

Volume & Turnover

Volume spiked during the early hours, reaching a peak of 220,701 at 02:00 ET, coinciding with a sharp decline from 0.2780 to 0.2760. The subsequent recovery saw a moderate rise in volume, indicating that buying pressure increased gradually. Notional turnover rose in tandem with price action, confirming the validity of the recent rebound.

Fibonacci Retracements

Applying Fibonacci levels to the 24-hour swing from 0.2720 to 0.2830, key levels include 0.2763 (38.2%) and 0.2794 (61.8%). The price appears to have found support at both levels during the early morning and early afternoon. A break above 0.2810 could lead to a retest of 0.2830.

Backtest Hypothesis

Given the emergence of a potential Bullish Engulfing pattern around 06:30–08:00 ET, a backtest could validate whether this candlestick formation is a reliable entry signal for OPENUSDT. Since the data provider returned an empty result, we can either use manually logged Bullish Engulfing dates for OPENUSDT or pivot to a supported instrument like BTCUSDT or ETHUSDT to proceed with the backtest. If manually provided, a list of past bullish engulfing dates would allow for immediate event-based testing of a 3-day holding strategy from 2022–01–01 to today.