Quickswap/Tether Market Overview: Volatility and Momentum Amid Downturn

Summary
• Price fell from $0.01795 to $0.01719 on high volume and large swings.
• RSI hit oversold territory, suggesting potential near-term reversal.
• Bollinger Bands show increasing contraction in the final hours, signaling consolidation.
• Volume surged in the afternoon but failed to confirm a bullish breakout.
• Fibonacci retracement levels at $0.0175 and $0.0171 appear key near-term supports.

Quickswap/Tether (QUICKUSDT) 24-Hour Market Overview

At 12:00 ET–1, Quickswap/Tether opened at $0.01785, reached a high of $0.01815, and fell to a low of $0.01715 before closing at $0.01719. Total volume for the 24-hour window was 9,935,450.0, with a notional turnover of approximately $170,916.87. The price moved in a bearish wave, with a clear breakdown from key resistance levels and a potential reversal signal from RSI.

Structure & Formations

The price action showed a large bearish engulfing pattern near the session high and a hanging man pattern at the top of the consolidation phase. Key support levels identified include $0.0175 and $0.0171, with $0.0173 acting as a potential near-term pivot. Resistance remains at $0.01785 and $0.01803, where the price previously stalled. A failure to retest these levels on the rebound could confirm a deeper bearish trend.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both bearishly aligned, with the 20-period line below the 50-period. On the daily chart, the 50-period line is trending downward, with the 100-period and 200-period lines also in bearish alignment. The price has closed below all three, suggesting short-term bearish momentum.

MACD & RSI

MACD turned bearish as the price declined, with the histogram narrowing and the signal line crossing below the zero line. RSI reached a potential oversold level near 28, suggesting a potential rebound. However, without confirmation from price action (e.g., a bullish crossover or reversal candle), this may not be a strong buy signal.

Bollinger Bands

Bollinger Bands showed a sharp expansion in the morning session, with price touching the upper band before a sharp drop. Later in the day, the bands began to contract, suggesting a period of consolidation. Price closed near the lower band, reinforcing bearish sentiment.

Volume & Turnover

Volume spiked during the afternoon and early evening session, particularly in the 4:00–6:00 ET timeframe, but this did not lead to a breakout above key resistance levels. Turnover also spiked during these hours, indicating strong selling pressure. However, the volume in the final hour dropped significantly, suggesting a potential exhaustion of bearish momentum.

Fibonacci Retracements

Applying Fibonacci retracement levels to the session high-low range, the 38.2% level sits at $0.01763 and the 61.8% level at $0.01736. The price closed just below the 61.8% level, which may serve as immediate support. A break below $0.01715 would confirm a deeper pullback.

Backtest Hypothesis

To evaluate the potential effectiveness of the observed price behavior, a backtest could be conducted using a mean-reversion strategy. This strategy would trigger a buy signal when RSI dips below 30 and a sell signal when it rebounds above 50. For a meaningful backtest, the strategy should be applied to QUICKUSDT over a 90-day period, capturing a variety of market conditions. The results would help assess the viability of this approach in capturing rebounds from oversold levels in this pair.