Wormhole/Tether USDt Market Overview (2025-09-06)

• Price action shows a bullish trend from 0.0763 to 0.0799 before consolidating near 0.0781.
• RSI and MACD suggest moderate momentum with no overbought/oversold conditions.
• Volatility expanded in early morning hours, then contracted in late night trading.
• Volume surged in the 0130–0200 ET window, coinciding with a price spike to 0.0795.
• Key support appears at 0.0775–0.0781 and resistance at 0.0787–0.0795 on the 15-min chart.

Wormhole/Tether USDt (WUSDT) opened at 0.0763 on 2025-09-05 at 12:00 ET and closed at 0.0781 on 2025-09-06 at 12:00 ET, reaching a high of 0.0799 and a low of 0.0762. Total volume across the 24-hour period was 9.96 million USDt, with a notional turnover of $777,606.

Structure & Formations

The 15-minute chart reveals a clear bullish impulse during the late-night and early morning hours, with price surging from 0.0771 to 0.0799. A key bullish engulfing pattern emerged at 2345–0000 ET, followed by a small bearish reversal at 0015 ET, indicating potential exhaustion in the short-term buyers. A strong support cluster forms between 0.0775 and 0.0781, marked by a series of tight consolidations and rejection candlesticks. Resistance is now at 0.0787–0.0795, with price having tested this level multiple times in the early hours of the morning.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended upward, crossing above 0.0774 during the peak buying phase. The 50-period MA currently sits at ~0.0780, aligning closely with the 24-hour close. On a daily basis, the 50-period MA is rising, suggesting a potential continuation of the medium-term bullish trend, especially if price stays above 0.0781. The 200-period MA remains below 0.0768, acting as a long-term floor.

MACD & RSI

The MACD line crossed above the signal line around 0000–0130 ET, forming a bullish crossover during the peak volume surge. RSI rose to 58 during the high-volume phase and has since consolidated between 52 and 56, indicating balanced momentum without overbought or oversold extremes. The divergence between volume and RSI suggests that while buying pressure is strong, it may not be accelerating, hinting at a potential pause before further movement.

Bollinger Bands

Volatility expanded significantly during the 0130–0200 ET window, with the upper band reaching 0.0795 and the lower band near 0.0783. Price has since moved into a contraction phase, trading within a narrow range between 0.0781 and 0.0783. The current price of 0.0781 aligns with the lower Bollinger Band, suggesting a potential bounce or consolidation. If price breaks above the upper band, it may signal the resumption of bullish momentum.

Volume & Turnover

Volume spiked sharply in the 0130–0200 ET window, with the 0130 ET candle alone trading 3.82 million USDt and closing at 0.0784. This surge coincided with a strong price push to 0.0795, suggesting strong institutional or large-cap buyer participation. However, subsequent volume has declined, indicating a potential exhaustion of bullish momentum. The divergence between volume and price (as measured by RSI) suggests that while price is moving higher, volume is not confirming further strength.

Fibonacci Retracements

On the 15-minute chart, a key bullish swing from 0.0771 to 0.0799 aligns with the 61.8% Fibonacci level at 0.0786, which has acted as a dynamic support/resistance zone. If price retraces from the current 0.0781 level, the 38.2% level is at 0.0779, followed by the 50% level at 0.0780. A break above 0.0795 would target the 78.6% level at 0.0793 before challenging the 100% level at 0.0799 again.

Backtest Hypothesis

The proposed backtest strategy focuses on identifying bullish engulfing patterns followed by a 20-period MA crossover above the 50-period MA, particularly during high-volume surges. Given the recent 0.0771–0.0799 impulse and the bullish engulfing pattern at 2345–0000 ET, such a strategy would have generated a long entry near 0.0780, aligning with the 50-period MA. The subsequent consolidation and RSI balance suggest a potential continuation, making this a viable entry point for a trend-following strategy. Future testing should include volatility-based filters (e.g., Bollinger Band width) to confirm the strength of each impulse and avoid false signals.