Market Overview: Alchemix/Tether (ALCXUSDT) 24-Hour Technical Analysis

Summary
• Price dropped 9.67 to 9.31 before rebounding to close at 9.27, forming a bullish harami near key support.
• Volume surged during the decline, while RSI bottomed at oversold territory, hinting at possible short-term reversal.
• Bollinger Bands widened during the selloff, indicating increased volatility with price testing the lower band.

Alchemix/Tether (ALCXUSDT) opened at 9.66, traded as high as 9.81, dipped to 9.20, and closed at 9.27. Total volume was 86,695.34, with notional turnover of $817,500.

Price Structure and Candlestick Patterns

The 24-hour session saw a sharp intraday drop from 9.74 to 9.20 before a modest recovery. A bullish harami pattern formed near the 9.20–9.24 range, a potential reversal signal after hitting key support. A long lower shadow in the 02:15–02:30 ET candle also suggests rejection of lower prices.

Momentum and Volatility Metrics

MACD turned negative mid-day but showed a narrowing bearish divergence with price, while RSI hit oversold territory (below 30) and began to show early signs of a bounce. Bollinger Bands widened as price dropped, then narrowed slightly during the recovery, indicating reduced volatility and possible consolidation.

Volume and Turnover Trends

Volume surged during the 19:00–20:30 ET sell-off, confirming bearish momentum. However, volume during the recovery phase remained relatively low, suggesting limited buying pressure. Turnover and price divergence near the 9.30–9.35 range raised questions about the sustainability of the bounce.

Key Levels and Fibonacci Retracements

Price found support at the 61.8% Fibonacci retracement level of the 9.20–9.81 move (~9.38–9.41), which coincides with a prior congestion zone. The 50-period moving average on the 5-minute chart currently sits at 9.29, aligning with the 38.2% retracement level as a potential pivot point.

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Market Outlook and Risk Consideration

With price consolidating around key support and momentum indicators showing early reversal signs, a near-term test of the 9.35–9.40 range appears likely. However, low volume during the recovery phase suggests caution: a break below 9.24 could re-ignite downward pressure in the next 24 hours. Investors should monitor volume confirmation and RSI divergence for potential trend clarity.