Market Overview for Marlin/Tether (PONDUSDT)

Summary
• Price declined from 0.00403 to 0.00393, forming bearish engulfing patterns near key resistance.
• RSI shows bearish momentum with no overbought readings, while volume spiked in early decline.
• Volatility expanded as price traded between 0.00391–0.00403, with a 50-period MA acting as bearish bias.

Marlin/Tether (PONDUSDT) opened at 0.004, reached a high of 0.00403, and closed at 0.00393 by 12:00 ET. Total volume was 18,019,534.0 and turnover amounted to 7,167.04. The asset appears to be consolidating within a tightening range, with bearish pressure evident in late-day selling.

Structure & Formations

Price formed a bearish engulfing pattern near 0.00401 and a small doji at 0.00401, signaling indecision and bearish follow-through. Key support appears at 0.00393, with 0.00391 as a potential next level. Resistance remains at 0.00401–0.00403 but failed to hold.

Moving Averages

The 50-period MA on the 5-minute chart hovered near 0.00400, providing a bearish bias as price fell below it. The 20-period MA acted as a short-term guide but failed to support a bounce. Daily 200-period MA remains distant, with no clear alignment to shorter-term structure.

MACD & RSI

MACD showed bearish divergence as price made lower highs but momentum lagged. RSI reached 45 at the close, indicating moderate bearish momentum without extreme oversold conditions. Momentum appears to be slowing into a possible near-term low.

Bollinger Bands

Volatility expanded slightly during the initial rally from 0.004 to 0.00403 before narrowing again. Price closed near the lower band at 0.00393, suggesting a potential bounce or continuation of bearish pressure, depending on volume response.

Volume & Turnover

Volume spiked in the early decline phase, particularly at 18:30–19:00 ET, with a large block at 0.00402–0.004. Turnover followed volume closely, confirming bearish price action. No notable divergence was observed between volume and price during the final leg down.

Fibonacci Retracements

Key retracement levels from the 0.004–0.00403 swing suggest 0.00397 as a 38.2% level and 0.00393 as the 61.8% level. The close at 0.00393 aligns with a major Fibonacci support, which may hold or lead to further downside if breached.

Over the next 24 hours, a test of the 0.00393 support could trigger a bounce toward 0.00397 or open the door to 0.00391. Investors should watch for volume confirmation on any rally and be mindful of a potential continuation of bearish momentum if support breaks.