OPENUSDT Market Overview: Volatile Consolidation and Key Support Tested

• Price surged to 0.8769 before consolidating near 0.8550.
• Strong volume observed in early overnight trading with a peak of 3.78M.
• RSI remains neutral, with no overbought/oversold extremes in 24 hours.
• Bollinger Bands show moderate volatility, with price within the lower band for most of the session.
• A bullish engulfing pattern formed near 0.8470, suggesting short-term support.

OpenLedger/Tether (OPENUSDT) opened at 0.8344 on 2025-09-17 12:00 ET and closed at 0.8449 as of 12:00 ET on 2025-09-18. The pair reached a high of 0.8769 and a low of 0.8231 over the 24-hour period. Total volume amounted to 145,130,632.7 units, with notional turnover reaching $120.68 million. Price action indicates volatile consolidation following a sharp intraday rally.

Structure & Formations

Price action displayed a classic intraday reversal pattern, with a morning downtrend followed by a powerful afternoon rally. A notable bullish engulfing pattern emerged near 0.8470, suggesting that buyers regained control after the price dipped below key support. A bearish doji appeared at 0.8580, hinting at potential overhead resistance. The pair found support at 0.8231 and resistance at 0.8769, with both levels seeing strong retests.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed at around 0.8500, indicating a potential short-term trend shift. The 20SMA remained above the 50SMA, showing a slight bullish bias in the short term. On the daily chart, the 50-period and 100-period moving averages are aligned closely near 0.8520, while the 200-period MA remains lower at 0.8350, suggesting medium-term bullish momentum.

MACD & RSI

The MACD line crossed above the signal line in the afternoon, confirming the bullish reversal. The histogram showed increasing positive divergence as the rally progressed. RSI remained in the 50–65 range for most of the session, indicating moderate momentum with no overbought conditions. A minor oversold reading occurred at 0.8331, coinciding with early morning price action.

Bollinger Bands

Volatility expanded in the late afternoon and evening as the pair surged above the upper band, reaching as high as 0.8769. The bands then contracted during the early morning consolidation phase, indicating a potential period of range-bound trading. Price currently sits just below the upper band at 0.8550, suggesting a high-probability range for near-term consolidation.

Volume & Turnover

Trading volume surged in the late afternoon and evening, peaking at 3.78M at 13:45 ET, coinciding with the price reaching 0.8586. Notional turnover reached $120.68 million over 24 hours, with the most active session occurring between 02:00 and 06:00 ET. A divergence between price and volume was observed after 09:00 ET, when volume declined despite a steady price range, suggesting reduced conviction from market participants.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 0.8231–0.8769 swing, key levels include 0.8524 (38.2%) and 0.8387 (61.8%). Price tested the 38.2% level multiple times before consolidating around 0.8449. On the daily chart, the 61.8% retracement level sits near 0.8480, which could act as a potential target if the bullish momentum continues.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on bullish engulfing patterns confirmed by MACD crossovers and a close above the 20SMA. Stops could be placed below the nearest Fibonacci support (e.g., 0.8387), with targets at 0.8524 and 0.8580. This approach would align with the observed price action and indicators, leveraging short-term momentum while managing risk through defined support levels and trailing stops.