Market Overview for Polymesh/Turkish Lira (POLYXTRY)

• Polymesh/Turkish Lira (POLYXTRY) declined by 0.30% over the past 24 hours with muted volume and low volatility.
• Price action shows consolidation around 3.25–3.36 TRY, with no clear breakout or breakdown.
• A sharp mid-day drop was followed by a late rally, forming an indecisive pattern with mixed momentum signals.
• RSI remains neutral, while volume spikes during the rally lacked follow-through.
• Bollinger Bands show a moderate contraction, indicating potential for a near-term directional move.

24-Hour Price Action Summary

Polymesh/Turkish Lira (POLYXTRY) traded from an open of 3.33 TRY at 12:00 ET–1 to a close of 3.41 TRY at 12:00 ET, hitting a high of 3.41 TRY and a low of 3.25 TRY. The 24-hour total volume amounted to 82,165.2 units, while the total notional turnover was approximately 274,922 TRY. Price action over the past 24 hours reflected a series of retracements and consolidation phases, with a notable rally in the latter half of the day that failed to sustain above 3.36 TRY.

Structure and Formations

The 15-minute OHLCV data reveals a series of consolidation patterns, with the most notable drop occurring between 17:30 and 18:30 ET when price fell from 3.31 to 3.27. A later rebound attempt occurred between 21:45 and 02:15 ET, pushing price to 3.41 TRY. During this period, a small bearish engulfing pattern formed at 17:30 ET, followed by a bullish harami at 21:45 ET. These patterns suggest mixed sentiment, with neither bears nor bulls gaining decisive control. Key support levels have appeared at 3.25 TRY and 3.31 TRY, while resistance levels have been formed at 3.36 TRY and 3.41 TRY.

Moving Averages and MACD/RSI

The 20-period and 50-period moving averages on the 15-minute chart closely track the price, with a slight bearish crossover visible at the start of the session. The MACD line shows a weak divergence, suggesting a potential bearish momentum slowdown. RSI remains within neutral territory (50–60), showing no overbought or oversold conditions. A potential reversal may occur if RSI moves beyond the 65 threshold or below 35, indicating a possible break in consolidation.

Volumes and Bollinger Band Volatility

Volume remained relatively subdued, with only a few spikes during the consolidation and late-day rally. The most notable volume activity occurred at 21:45 ET, coinciding with the price rebound to 3.41 TRY, but no significant follow-through ensued. Bollinger Bands are in a moderate contraction phase, indicating a potential for a breakout or breakdown. The price has been trading near the lower and upper band boundaries, suggesting increased volatility may follow. A break above 3.41 TRY or below 3.25 TRY could trigger a directional move with higher probability.

Fibonacci Retracements

Using the most recent 15-minute swing from 3.25 TRY to 3.41 TRY, Fibonacci levels indicate key retracement levels at 3.32 TRY (38.2%), 3.34 TRY (50%), and 3.36 TRY (61.8%). These levels may serve as potential support or resistance in the near term. On the daily chart, the broader move from a previous high to a low shows a potential continuation pattern if price holds above the 61.8% retracement level at 3.36 TRY.

Backtest Hypothesis

Given the mixed candlestick signals observed in this 15-minute time frame—including bearish and bullish engulfing patterns—applying a structured backtesting strategy could provide insights into potential trading signals. A backtest using a strategy based on trading on the confirmation of bullish engulfing patterns (buying on close) and bearish engulfing patterns (selling on close) may offer a clearer view of the asset’s behavior since 2022.

However, the current data source returned an error when trying to access the specific candlestick data for the POLYXTRY pair. To proceed, it would be necessary to confirm the exact symbol and exchange being analyzed. For example, if POLYX is only quoted against USD or another stablecoin on a major exchange like Binance or KuCoin, running the backtest on that pair may be acceptable. Once the correct symbol is confirmed, a more accurate and comprehensive backtest can be performed to assess the profitability of this pattern-based strategy.