Prom/Tether Market Overview: Sharp Sell-Off and Volatility Expansion

• Price dropped sharply to 9.125 from 9.69, signaling bearish momentum.
• Volume spiked to 5,519.02 at the 1300 ET low, confirming the sell-off.
• Bollinger Bands likely widened, indicating increased volatility.
• RSI not available; momentum signals unclear but bearish pressure remains.
• Prom/Tether (PROMUSDT) faces critical support near 9.10, with a test of bearish continuation expected.

Prom/Tether (PROMUSDT) opened at 9.718 on 2025-10-24 at 12:00 ET and closed at 9.133 on 2025-10-25 at 12:00 ET. The 24-hour range was 9.69 to 9.018, with a total volume of 97,988.76 and turnover of approximately $919,574. The price action featured a sharp bearish reversal from late afternoon, driven by a massive sell-off into the early evening hours.

The candlestick pattern on the 15-minute chart shows a strong bearish bias, particularly during the 1400–1500 ET window, where prices plunged from 9.134 to a low of 9.056 in just 45 minutes. A long lower wick on the 2300–2315 ET candle (close at 9.516) suggests rejection of higher prices. Support levels appear at key Fibonacci retracements of the earlier 9.69–9.545 swing (e.g., 9.60, 9.55, 9.50), while resistance remains at the prior 9.63–9.64 levels. A bearish engulfing pattern formed around 1915–1930 ET, reinforcing the downward shift in sentiment.

Momentum has been strongly bearish throughout the 24-hour period, with the MACD likely turning negative after 1900 ET. The absence of RSI data complicates overbought/oversold readings, but the price action suggests oversold territory near the 9.10–9.125 range. Bollinger Bands have widened in the last eight hours, indicating heightened volatility and potential for a reversion to the mean or a continuation of the downtrend.

Volume spiked during the 1400–1500 ET window, with a peak of 2,909.71 at the 1415 ET candle, coinciding with the lowest close of 9.036. Notional turnover increased during the same period, confirming the strength of the bearish move. A divergence between price and volume is not evident, suggesting continued conviction in the downside. Looking ahead, the 9.10–9.125 support zone is critical; a break below could trigger a test of 9.00. Conversely, a rebound above 9.18 could signal a temporary pause in the decline.

Backtest Hypothesis
The backtesting strategy relies on RSI to identify overbought and oversold conditions for a one-day holding period. Given the significant bearish momentum in this 24-hour period, a strategy that triggers short positions when RSI falls below 30 and exits at the next 24-hour close may have generated strong returns. However, without RSI data, we cannot evaluate this strategy in real-time. Once the RSI data is confirmed and retrieved, we can run the backtest using the exact PROMUSDT price history provided. This would allow us to quantify the effectiveness of the strategy in capturing short-term sell-offs like the one seen here.