Prom/Tether Market Overview: 24-Hour Analysis for 2025-09-20

• Prom/Tether (PROMUSDT) closed lower by 0.84% amid a volatile 24-hour session with a sharp post-noon dip.
• Price action showed a bearish breakdown below key support at $10.03, triggering a 9.7% drawdown in the last 10 hours.
• High volume during the initial 6-hour window suggests strong early seller pressure and distribution.
• RSI and MACD indicated bearish momentum with no overbought readings, pointing to a possible continuation lower.
• Bollinger Band contraction pre-noon was followed by a sharp expansion, signaling a potential breakout move to the downside.

Prom/Tether (PROMUSDT) opened at $10.105 on September 19 at 12:00 ET and closed at $9.743 on September 20 at the same time, with a high of $10.174 and a low of $9.636 during the 24-hour period. Total volume traded was 68,632.09 units, while notional turnover reached $665,679.66. The pair has seen increased volatility, especially in the last 10 hours, where a sharp correction unfolded.

Structure & Formations

Key support levels identified include $10.03 and $9.70, both of which have acted as magnet points for price rejection and consolidation. Notably, a bearish engulfing pattern formed around $10.03 in the early evening, confirming a short-term bearish bias. A 61.8% Fibonacci retracement from the $10.174 high to the $9.636 low aligns with the $9.70 level, which is currently acting as a critical floor. The formation of a hanging man pattern around $10.05 also suggests weakening bullish conviction.

Moving Averages

The 20- and 50-period moving averages on the 15-minute chart have been in a bearish crossover since midday, reinforcing the downward momentum. On the daily chart, the 50-period MA is above the 100- and 200-period lines, indicating a short-term bearish alignment despite a longer-term neutral to slightly bullish setup. This divergence points to a potential correction in the near term, especially if the $9.70 level fails.

MACD & RSI

MACD has remained negative throughout the session with a bearish crossover in the early hours, while the RSI has stayed within the 40–55 range, indicating moderate bearish momentum and no signs of oversold conditions. A bearish divergence between the RSI and price action in the late hours suggests continued bearish pressure. Both indicators suggest that any rally above $9.80 may struggle without a strong volume confirmation.

Bollinger Bands

Volatility expanded significantly after 5 PM ET, with price moving to the lower band of the Bollinger Band channel, indicating a potential continuation of the downward move. A contraction occurred in the early hours, which was followed by a sharp expansion—a classic sign of a breakout. Price remains in the lower half of the band, reinforcing bearish bias unless it can close above the midline.

Volume & Turnover

Volume was elevated early in the session, especially between 12:00 and 6:00 PM ET, where it accounted for over 30% of the total volume. Turnover aligned closely with volume, with spikes coinciding with key price rejections at $10.03 and $9.70. Divergence between price and turnover in the last 4 hours suggests weakening conviction in the current trend, but with no strong reversal signals.

Fibonacci Retracements

The 61.8% Fibonacci level at $9.70 has held as a critical support, with price finding a floor twice. On the 15-minute chart, a retracement from the $10.124 high to the $10.017 low aligns with a 50% retracement at $10.07, which acted as a minor pivot point. A break below $9.70 would target the next Fibonacci level at $9.57, a potential short-term floor.

Backtest Hypothesis

Given the observed bearish momentum and key Fibonacci levels, a backtesting strategy could be built around a short bias when price breaks below the 61.8% retracement level ($9.70) with volume confirmation. A stop-loss could be placed above the 50% retracement level at $9.80, while a take-profit target could be set at $9.57 based on the 78.6% Fibonacci extension. This approach assumes that bearish momentum remains intact and that key support levels provide valid trading signals.