Market Overview for Epic Chain/Tether (EPICUSDT)

Summary
• Price declined from 0.721 to 0.689, forming bearish engulfing and hammer patterns near key support.
• RSI reached oversold territory (<30), hinting at potential short-term bounce despite negative momentum. • Volatility expanded significantly as price broke below 20-period MA, with Bollinger Bands widening. • High volume consolidation below 0.702 suggests potential support at 0.693–0.687 as Fibonacci 61.8% level. • Turnover spiked during 0.700–0.693 pullback, indicating strong participation near recent swing lows.

Market Overview

Epic Chain/Tether (EPICUSDT) opened at 0.721 (12:00 ET − 1), reached a high of 0.722, a low of 0.674, and closed at 0.689 (12:00 ET). Total 24-hour volume was 1,503,225.4, with a notional turnover of 1,048,633.24.

Structure & Formations

Price action featured multiple bearish engulfing patterns during the early hours and a key hammer reversal near 0.693–0.687, which aligns with the 61.8% Fibonacci retracement of the 0.721–0.674 move. A potential support cluster forms below 0.693, with a breakdown likely if 0.687 is breached.

Moving Averages

On the 5-minute chart, the 20-period MA (0.708) is bearishly aligned with the 50-period MA (0.704), confirming downward bias. The 200-period daily MA is likely above 0.715, reinforcing a bearish bias for the broader trend.

Momentum & Volatility

The RSI fell to 28–30 during the 0.687–0.680 leg, signaling oversold conditions and potential for a short-term rebound. MACD turned negative and crossed below the signal line, indicating weak momentum. Bollinger Bands expanded as volatility increased, with price hovering near the lower band during the 0.693–0.687 consolidation.

Volume & Turnover

Volume surged during the breakdown below 0.700, with the largest 5-minute candle showing 157,993.4 volume and 109,982.89 turnover. Turnover spiked during the 0.693–0.687 retracement, suggesting institutional or algorithmic involvement at key levels.

Fibonacci Retracements

The 61.8% Fibonacci level (~0.693) coincided with strong buying, temporarily halting the descent. A breakdown below 0.687 would target 0.679–0.674 on the 5-minute chart, and a longer-term test of 0.660–0.655 on the daily chart.

A short-term rebound may occur from the 0.693–0.687 level, but a sustained break below 0.687 could extend the downward move. Investors should watch for volume divergence during a potential bounce and remain cautious on long positions.