Market Overview: Sophon/Tether (SOPHUSDT) 24-Hour Technical Analysis

Summary
• Price formed a bullish engulfing pattern at 0.0155 after testing key support at 0.0154.
• RSI showed oversold conditions during the early morning dip, hinting at a potential rebound.
• Volume surged in late ET afternoon, confirming strength in the bullish breakout.

Sophon/Tether (SOPHUSDT) opened at 0.01555 at 12:00 ET – 1, reached a high of 0.01564, a low of 0.01526, and closed at 0.01538 at 12:00 ET today. Total volume was 5.96 million SOPH, with a notional turnover of approximately $89,940.

Structure & Formations

Price found strong support at 0.0154 and 0.01538 before forming a bullish engulfing pattern in the late ET afternoon, suggesting short-term bullish momentum. A bearish doji emerged near 0.01526, indicating indecision and potential for a near-term rebound. Key resistance is now at 0.01555–0.01558, while support sits at 0.01538–0.0154.

MACD and RSI

The RSI dipped into oversold territory during the early morning decline, reaching ~30, which may signal a potential bounce. The MACD showed a positive crossover in the late ET session, aligning with the bullish price action. Momentum appears to be shifting back to the bulls after a period of consolidation and sell-off.

Bollinger Bands

Volatility expanded during the morning sell-off, with price reaching the lower Bollinger band at 0.01526. Price has since closed near the centerline, indicating a potential stabilization and a possible retest of the upper band in the near term.

Volume and Turnover

Volume surged in the late ET afternoon as price broke above key resistance at 0.01558, confirming the strength of the bullish move. Turnover was highest during the 21:00–23:00 ET period, which coincided with the strong breakout. No divergence between price and volume was observed, supporting the bullish case.

Fibonacci Retracements

The 61.8% Fibonacci retracement level of the recent bearish move from 0.01564 to 0.01526 aligns with the current price near 0.01538–0.0154. A break above 0.01555 would target the 78.6% level, while a failure to hold above 0.01538 could lead to a retest of 0.01526.

Looking ahead, SOPHUSDT appears poised for a test of 0.01555–0.01558, with a bullish outlook contingent on volume confirmation. Traders should remain cautious of potential short-term pullbacks and monitor RSI levels to avoid false breakouts.