Market Overview for Raydium/Tether (RAYUSDT)

Summary
• Raydium/Tether (RAYUSDT) formed a bullish engulfing pattern near 0.957–0.962.
• Price broke below the 20-period MA on 5-min chart, signaling bearish momentum.
• RSI hit oversold territory near 0.961–0.963, hinting at potential short-term bounce.
• Volatility expanded after 12:00 ET as price dropped to 0.949, with volume surging.
• Bollinger Bands widened after 16:00 ET, indicating heightened uncertainty and potential breakouts.

Raydium/Tether (RAYUSDT) opened at 0.978 on 12/16 at 12:00 ET, reached a high of 1.023, a low of 0.947, and closed at 0.949 as of 12:00 ET on 12/17. Total 24-hour volume was approximately 1,489,832.0 units, with a notional turnover of $1,449,832.0 (based on closing prices).

Structure & Formations

Price carved a sharp bearish move from 1.023 to 0.949, breaking through key Fibonacci levels. A bullish engulfing pattern formed near 0.961–0.963, followed by a failed rebound. A doji appeared at 0.963–0.962, signaling indecision.

Moving Averages

On the 5-minute chart, the 20-period MA briefly acted as resistance near 0.975, while the 50-period MA confirmed bearish momentum after 16:00 ET. Daily MAs are unobservable due to lack of daily data input.

MACD & RSI

MACD turned negative with a bearish crossover around 15:00 ET, confirming downward momentum. RSI hit oversold conditions (20–25) near 0.961–0.963, hinting at a potential short-term bounce or consolidation.

Bollinger Bands

Bands remained wide for most of the session, particularly from 15:00 to 16:30 ET, reflecting heightened volatility. Price traded near the lower band during the 0.947–0.949 leg, suggesting possible support.

Volume & Turnover

Volume spiked during the 15:00–16:30 ET session as price broke below 0.967 and fell to 0.949. Turnover aligned with volume, showing strong bearish participation.

Fibonacci Retracements

A 61.8% retracement of the 0.947–0.996 move is at ~0.969, where price stalled twice. The 38.2% level (~0.975) acted as resistance before 16:00 ET.

Over the next 24 hours, Raydium/Tether may test the 0.947–0.950 zone for support or find buyers near 0.965–0.967. A break below 0.945 could extend the decline, while a close above 0.975 may trigger a bounce. Investors should monitor volume and RSI for signs of exhaustion or conviction.