Market Overview: BNTUSDT Sees Volatile 24-Hour Range Amid Strong Afternoon Push

Summary
• Price formed a bullish engulfing pattern near 0.3919–0.3925 during early ET hours.
• Volume spiked during the 0.3941–0.4006 rally in the afternoon.
• RSI signaled overbought conditions near 0.407, followed by a sharp reversal.
• Bollinger Bands showed moderate expansion as price reached the upper band.
• Turnover surged with the 0.4043–0.407 move, confirming short-term momentum.

Bancor/Tether (BNTUSDT) opened at 0.3919, hit a high of 0.407, a low of 0.3895, and closed at 0.407 at 12:00 ET. Total volume reached 162,980.0, with turnover amounting to $80,137.

Structure & Formations

A bullish engulfing pattern developed between 0.3919 and 0.3925, signaling potential reversal. A long white candle at 0.3941–0.4006 confirmed the afternoon rally.

A doji at 0.407 suggested indecision, while a bearish reversal followed, with price retreating into a consolidation phase.

Moving Averages and Fibonacci Retracements

On the 5-minute chart, the 20-EMA provided a dynamic support around 0.394–0.395, while the 50-EMA tracked the morning range. The 61.8% Fibonacci retracement of the 0.3919–0.407 move fell near 0.3995, a key support level in the recent pullback.

Momentum and Volatility

MACD crossed into overbought territory during the 0.407 high and signaled a bearish crossover shortly after. RSI peaked near 80 during the 0.407–0.4043 pullback, hinting at potential exhaustion. Bollinger Bands widened significantly during the 0.3919–0.407 rally, reflecting heightened volatility.

Volume and Turnover

Volume surged during the 0.3941–0.4006 and 0.4043–0.407 moves, aligning with price increases. A volume divergence occurred during the 0.407–0.4043 pullback, raising questions about follow-through demand. Turnover spiked during the afternoon rally, confirming short-term conviction.

BNTUSDT may face resistance at 0.407–0.408 and support near 0.3995–0.398 in the coming 24 hours. A close above 0.407 could signal renewed bullish momentum, but traders should remain cautious of the bearish reversal following the overbought peak.