Wormhole/Tether (WUSDT) 24-Hour Market Overview

• Wormhole/Tether (WUSDT) closed lower at 0.0665, down from 0.0654 at 12:00 ET-1, with strong volatility and bearish intraday reversals.
• A key support level appears at 0.0645–0.0647, tested 5x in the 24-hour window, showing resilience amid broad swings.
• Volume spiked at 2.0 million and 0.9 million on 18:45–19:00 ET, coinciding with sharp rallies and consolidations.
• RSI hovered in mid-range territory, suggesting mixed momentum, while MACD showed bearish crossover during early session.
• Price traded within 0.0633–0.0673 range, with 0.0663–0.0667 as immediate resistance, backed by Fibonacci retracement at 61.8% of key swing.

Wormhole/Tether (WUSDT) opened at 0.0654 on 12:00 ET-1 and reached a high of 0.0673 before closing at 0.0665 at 12:00 ET today. The 24-hour period saw total volume of 95.4 million and turnover of $6,466. Intraday swings reflected a bearish bias, with sharp retracements and consolidation phases. The price action suggests a tug-of-war between buyers and sellers near key levels.

Structure & Formations

The 15-minute chart displayed multiple bearish engulfing patterns and doji around 0.0651 and 0.0647, signaling indecision and potential trend reversals. A notable bullish reversal occurred at 19:45 ET with a 0.0645–0.0653 move, though it was later negated by a bearish breakdown. The price found support at 0.0645, where it reversed multiple times, suggesting a potential pivot point. Resistance is currently concentrated between 0.0663 and 0.0667, with 0.0667 serving as a Fibonacci 61.8% retracement of the 0.0633–0.0673 move.

Moving Averages and MACD/RSI

On the 15-minute chart, the 20-period and 50-period moving averages crossed below the price at several intervals, reinforcing bearish momentum. MACD showed a bearish crossover on the morning session, with a histogram that narrowed during consolidation periods. The RSI, while not in overbought or oversold territory, failed to confirm key breaks, showing mixed sentiment. On the daily chart, the 50/100/200 EMA lines were closely aligned, indicating a neutral to slightly bullish bias for the longer term.

Bollinger Bands and Volume

Volatility expanded during the afternoon hours, as reflected by the widening of the Bollinger Bands. The price closed within the upper band during the 07:30–08:45 ET window, showing strength but failed to sustain it. Volume surged during this period, particularly at 18:45 ET (2.0 million) and 07:30 ET (0.9 million), aligning with price reversals. Notional turnover peaked at $10.5 million around the 07:30–08:45 ET window, coinciding with sharp price moves. However, volume declined during the final hours, suggesting exhaustion in the bearish trend.

Backtest Hypothesis

The provided backtesting strategy, evaluated from 2022-01-01 to 2025-11-01, delivered a total return of approximately 49.6% with an annualised return of 12.1%. While the Sharpe ratio of 0.69 suggests moderate risk-adjusted performance, the maximum drawdown of 22.8% highlights the strategy's exposure during volatile episodes. The results, however, do not include any additional risk controls such as stop-loss or take-profit levels. This implies that the strategy may benefit from improved risk management, especially during sharp intraday moves and consolidation phases observed in the 15-minute data. The backtest appears to align with the observed price behavior, particularly in periods of high volume and momentum divergence.