Market Overview for Alchemix/Tether (ALCXUSDT)

Summary
• Price declined from $8.14 to $7.89 amid rising volume and a bearish engulfing pattern.
• RSI and MACD show bearish momentum, with RSI nearing oversold territory.
• Volatility expanded, as seen by wide Bollinger Bands and price reaching both 38.2% and 61.8% Fibonacci levels.
• Turnover spiked during late-night sell-off, aligning with price weakness.

The 24-hour session for ALCXUSDT began at $8.14 and closed at $7.89 with a high of $8.14 and a low of $7.86. Total volume reached 15,069.2876 with turnover of $120,892.91.

Structure & Formations

Price action formed a bearish engulfing pattern early in the session and continued to fall through key Fibonacci levels, including the 61.8% retracement at $7.90. A support level appears to form around $7.86–$7.89, with a potential resistance retest at $8.01–$8.05 should a reversal occur.

Moving Averages and Momentum

On the 5-minute chart, price closed below both the 20 and 50-period moving averages, reinforcing the downward bias. RSI dipped to near 30, suggesting possible oversold conditions, but without a clear reversal pattern, a rebound remains uncertain. MACD showed a bearish crossover with negative divergence, aligning with weak price momentum.

Volatility and Bollinger Bands

Volatility increased significantly during the late-night sell-off, with the 5-minute Bollinger Bands widening and price testing the lower band. The range from $7.86 to $7.92 has emerged as a key consolidation zone, and a breakout could signal further direction.

Volume and Turnover

Volume and turnover surged during the sharp decline in the early hours of the morning, confirming bearish pressure. Divergence between volume and price was minimal, but the lack of follow-through buying above $8.05 weakens the case for a short-term rebound.

Price may find near-term direction from the $7.86 support and $8.05 resistance. A breakout above $8.05 could test $8.12, but a failure to hold above $7.90 may extend the decline. Investors should remain cautious as volatility remains elevated.