Market Overview for OFFICIAL TRUMP/Tether

Summary
• Price swung between $5.329 and $5.548, forming a bearish engulfing pattern near the 24-hour high.
• RSI reached overbought territory briefly but pulled back, suggesting momentum fatigue.
• Bollinger Bands showed a moderate expansion, with price hovering near the lower band for much of the session.
• Volume surged during the 03:30–04:00 ET range, coinciding with a sharp retest of key support at $5.34.

OFFICIAL TRUMP/Tether (TRUMPUSDT) opened at $5.542, hit a 24-hour high of $5.548, a low of $5.329, and closed at $5.373 at 12:00 ET. The 24-hour volume was 865,359.10 and turnover reached $4,637,693.32.

Structure & Candlestick Patterns

The price formed a bearish engulfing pattern near $5.548, followed by a strong pullback to $5.329. A large 5-minute bearish candle at 03:30 ET confirmed selling pressure. A doji formed near $5.34, suggesting a potential reversal or consolidation after a sharp decline.

Volatility and Momentum

Bollinger Bands expanded after the initial bearish move, with price bouncing near the lower band for most of the session. RSI reached overbought levels near 75 but pulled back, indicating weak bullish momentum. MACD lines crossed into negative territory, confirming bearish bias.

Volume and Turnover Analysis

Volume spiked to over 205,990 at 11:00 ET as price hit a low of $5.342, followed by a retest. Turnover confirmed the volume spike during this key support test, aligning with price action.

Fibonacci Retracements

A major 5-minute retracement level at 38.2% (around $5.45) and 61.8% (around $5.37) were tested during the pullback from the 24-hour high. The 61.8% level held briefly before a further decline.

If the market continues to consolidate within the $5.34–$5.46 range, a test of the $5.45–$5.48 resistance could follow. However, traders should remain cautious of a break below $5.34, which could accelerate the downward trend.