PUNDIXUSDT Bounces From $0.1760 Floor With Bullish Engulfing Pattern

Summary
• Price action showed a sharp decline followed by consolidation and a late-day rally.
• Volume surged during the midday selloff but waned during the recovery phase.
• RSI indicated oversold conditions during the lows, suggesting potential for a rebound.
• Bollinger Bands reflected compressed volatility earlier, followed by a breakout toward the upper band.
• A bullish engulfing pattern formed near the 24-hour close, hinting at short-term buying interest.

PundiX/Tether (PUNDIXUSDT) opened at $0.1845 on 2026-02-01, reached a high of $0.1889, a low of $0.1760, and closed at $0.1877 on 2026-02-02. Total 24-hour volume was 1,157,124.8 and turnover amounted to $205,476.99.

Structure & Candlestick Formations

Price action was characterized by a sharp midday sell-off, driven by heavy volume and a breakdown below key support levels. A low at $0.1760 acted as a temporary floor, followed by a gradual recovery. A bullish engulfing pattern formed in the final hours, suggesting renewed buyer interest. A 5-minute doji appeared near $0.1845, indicating indecision, but was followed by a decisive move higher.

Moving Averages

On the 5-minute chart, price broke below the 20- and 50-period moving averages during the midday selloff but later closed above both, hinting at short-term recovery. The daily 50/100/200 MA crossover remained neutral, with no clear bias detected for the next 24 hours.

Momentum and Volatility

Relative Strength Index (RSI) hit oversold levels during the $0.1760 swing, suggesting a potential rebound. Momentum shifted back into positive territory as price pushed through $0.1850. Bollinger Bands showed a contraction in the early hours followed by a late-day expansion. Price closed near the upper band, indicating heightened volatility and possible continuation of the upward move.

Volume and Turnover

Volume spiked during the midday sell-off, reaching a peak of over 139,211.5 at $0.1813, but declined significantly during the recovery phase. Notional turnover aligned with the volume spike, suggesting genuine selling pressure. Divergence between volume and price was minimal, offering confirmation of the late-day rally.

Fibonacci Retracements

Fibonacci retracement levels aligned with key price swings. The 61.8% level at $0.1813 acted as a temporary support during the midday selloff, while the 38.2% level at $0.1865 supported the late-day rally. On a daily basis, Fibonacci levels suggested potential resistance near $0.1900 and support near $0.1750.

Price appears to have found a near-term bottom and is showing early signs of consolidation above key support. A break above $0.1890 could extend the upward trend, though a pullback below $0.1850 may trigger further volatility. Investors should remain cautious as the market may test key Fibonacci and Bollinger levels in the coming 24 hours.