Market Overview: THENA/Turkish Lira (THETRY) Faces 24-Hour Decline Amid Weak Momentum

Summary
• THENA/Turkish Lira (THETRY) opened at 8.153 and closed at 7.749, down 7.29%.
• Price formed a bearish engulfing pattern near the high of 8.497.
• RSI hit oversold territory, while volume declined sharply after 05:00 ET.
• Bollinger Bands showed moderate contraction, with price hovering near the lower band.
• Fibonacci retracement levels at 7.79 and 7.72 may offer near-term support.

THENA/Turkish Lira (THETRY) opened at 8.153 on 2025-12-16 at 12:00 ET, hit a high of 8.497, and closed at 7.749 as of 12:00 ET on 2025-12-17. The pair traded between 7.604 and 8.497, with total volume of 5,407,530.6 and turnover of 41,429,991.9 Turkish Lira.

Structure and Momentum

Price began with a bullish candle but quickly reversed, forming a bearish engulfing pattern near the session’s high, signaling a shift in sentiment. The 20-period and 50-period moving averages on the 5-minute chart confirmed the downward drift. The RSI entered oversold territory near 30 by the close, suggesting potential for a near-term rebound, though without a clear breakout above 7.80.

Volatility and Volume

Bollinger Bands showed a moderate contraction in the afternoon, with price lingering near the lower band, indicating subdued volatility. Turnover and volume were highest during the early ET hours, with a sharp decline post-05:00 ET. A divergence between volume and price action was observed as volume dropped while the price continued lower, hinting at potential exhaustion.

Key Levels and Outlook

Fibonacci retracement levels from the key 5-minute swing suggest 7.79 and 7.72 as potential near-term supports, while 7.85 marks a critical psychological resistance. Price appears to be consolidating within a descending triangle on the 5-minute chart, and a break below 7.70 could trigger further bearish momentum.

The market may test 7.72 in the next 24 hours, and a close below that level could indicate increased bear pressure. Investors should watch for divergence between RSI and price action to assess the strength of the next move.