WOO/Tether (WOOUSDT) Market Overview

• WOOUSDT closed 1.69% lower after forming bearish momentum on high-volume sell-offs late in the session.
• Key resistance at 0.0715–0.0719 repeatedly failed, with price falling back below the 0.0708–0.0710 consolidation zone.
• Volatility expanded mid-session, as Bollinger Bands widened, but reversed into a contraction phase ahead of the close.
• RSI signaled overbought conditions early, but failed to confirm bullish strength, hinting at weak momentum.
• Notional turnover surged to $57.4M during the 0.0705–0.0715 range battle, flagging heavy order book rotation.

WOO/Tether (WOOUSDT) opened at $0.0708 on September 14 at 12:00 ET and closed at $0.0681 by the same time the next day. The pair traded between $0.0664 and $0.0721, with a final close of $0.0681. Total volume amounted to 9,195,441.8 and notional turnover reached approximately $623,000 over the 24-hour period.

Structure & Formations

Price action revealed a bearish breakdown from the 0.0708–0.0710 consolidation area, with a decisive rejection at key resistance levels 0.0715–0.0719. A large bearish engulfing pattern formed around 0.0716–0.0712 in the early morning, followed by a hanging man pattern at 0.0713–0.0714. These patterns signaled potential exhaustion at the top and confirmed bearish momentum. Support zones at 0.0705–0.0708 and 0.0685–0.0688 showed mixed responses, with 0.0682 emerging as a new short-term floor.

Moving Averages

On the 15-minute chart, price closed below both the 20-EMA and 50-EMA, reinforcing a bearish bias. The daily chart shows the 50-SMA at 0.0703 and the 200-SMA at 0.0692, suggesting that the 50/200 crossover may be approaching from below, potentially confirming a longer-term downtrend.

MACD & RSI

The MACD histogram turned negative after 22:00 ET, with a bearish crossover occurring at the end of the session, suggesting declining momentum. RSI reached overbought territory in the 62–66 range early in the day but failed to sustain above 60, indicating weak bullish conviction. By the close, RSI had fallen below 40, hinting at a potential continuation of the downward trend.

Bollinger Bands

Bollinger Bands expanded mid-session as volatility increased, reaching a width of 0.0008–0.0010. Price tested the upper band between 0.0712–0.0716 and broke below the lower band after 08:15 ET, indicating a shift in sentiment. A contraction phase began in the final hours, suggesting a possible consolidation ahead of further movement.

Volume & Turnover

Volume spiked at 0.0714–0.0716 and again at 0.0682–0.0685, coinciding with key support and resistance levels. Notional turnover reached a high of $15.8M during the 0.0715–0.0719 battle and $14.3M at the 0.0682 level. The divergence between price and volume in the 0.0715–0.0719 range signaled weakening bullish momentum.

Fibonacci Retracements

Applying Fibonacci levels to the 0.0682–0.0721 swing, the 0.0705–0.0708 range corresponds to 38.2% and 50% retracement levels. The 61.8% level is at 0.0694, which may serve as a critical support target. Daily retracement from a recent high of 0.0721 at 61.8% aligns with 0.0686, a potential consolidation zone for near-term buyers.

Backtest Hypothesis

The backtest strategy involves entering a short position upon a rejection at a key resistance level confirmed by a bearish engulfing pattern, with a stop-loss placed above the upper Bollinger Band and a target at the next Fibonacci retracement level. This aligns well with today's action, particularly the rejection at 0.0715–0.0719 and the subsequent move to 0.0682. A long bias could be considered on a retest of 0.0682 with confirmation above the 20-EMA, but with a tighter stop-loss given the current volatility profile.