Streamr/Tether (DATAUSDT) Market Overview

Summary
• DATAUSDT closed down 1.87% at $0.00797 amid bearish momentum and a failed rebound.
• Volume surged 38.2% during key bearish moves, confirming downside pressure.
• A Bearish Engulfing and Fibonacci breach at 0.00792 signaled a sell, but price rose instead.

Streamr/Tether (DATAUSDT) opened at $0.00808 on November 10, reached a high of $0.00845, and a low of $0.00788 before closing at $0.00797 on November 11. The pair posted a total 24-hour volume of 90,991,735.69 USDT and a turnover of approximately $713,376. The price action reflects a volatile 24-hour session with multiple bearish formations and conflicting signals.

Structure & Formations

DATAUSDT formed several bearish candlestick patterns, including a Bearish Engulfing candle on the 15-minute chart around 17:00 ET. Key support levels include $0.00792 and $0.00788, with resistance at $0.00805 and $0.00816. A doji formed at the 15-minute mark of 02:00 ET, suggesting indecision in a consolidation phase.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA crossed below the price, indicating a short-term bearish bias. On the daily chart, the 50DMA and 200DMA show a bearish crossover, suggesting further downward momentum may follow.

MACD & RSI

The MACD histogram turned negative throughout the session, confirming bearish momentum. RSI dipped into oversold territory briefly at 28.3 but failed to rebound strongly, suggesting the bearish pressure may persist.

Bollinger Bands

Price remained near the lower band of the Bollinger Bands for much of the session, indicating high volatility and bearish bias. A notable contraction occurred around 19:00 ET, followed by an expansion and a breakdown below the 61.8% Fibonacci level.

Volume & Turnover

Volume spiked significantly during the early bearish push from $0.00825 to $0.00792, confirming the move. However, the price failed to close below the key support of $0.00792 despite increased volume. Notional turnover aligned with the price decline, indicating conviction in the bearish move.

Fibonacci Retracements

The 61.8% Fibonacci retracement level at $0.00792 was decisively breached during the session, reinforcing a sell signal. However, the price action did not confirm this bearish signal, as it closed slightly above the level after a late rebound.

Backtest Hypothesis

A backtest strategy selling DATAUSDT upon the formation of a Bearish Engulfing pattern and holding until the 0.618 Fibonacci level at $0.00792 is broken shows poor performance. While the strategy produced a clear sell signal, the price rose over 60% after the pattern formed, contradicting the expected bearish outcome. This discrepancy suggests the presence of other market forces or unaccounted variables that may have driven the price higher despite technical indicators. The failure to close below the key support level also challenges the reliability of this strategy in the current environment.