API3USDT Crumbles Below 0.2920 as Bearish Momentum Intensifies

Summary
• API3USDT broke below key support of 0.2920, with bearish engulfing patterns reinforcing the downtrend.
• Volatility spiked overnight as volume surged over 200,000, but price failed to recover above 0.2940.
• RSI and MACD show weakening momentum, with RSI near oversold levels but no immediate bullish reversal.
• Bollinger Bands have widened, indicating heightened uncertainty and potential for a rebound or further consolidation.
• Fibonacci levels at 0.2880 and 0.2840 appear to be acting as short-term supports.

Market Overview

API3/Tether (API3USDT) opened at 0.2930 on February 22 at 12:00 ET, reached a high of 0.2995, a low of 0.2823, and closed at 0.2866 as of February 23 at 12:00 ET. Total volume over the 24-hour period was 1,018,994.12, with a notional turnover of 283,058.96 USDT.

Structure and Price Action

The pair experienced a sharp breakdown below 0.2920 early in the session, confirming a key support level had been lost. A strong bearish engulfing pattern formed during the early morning hours, aligning with a volume spike over 236,570, which reinforced the bearish sentiment. Price continued to consolidate between 0.2840 and 0.2860, with no significant buying pressure observed.

Momentum and Volatility Indicators

The RSI has moved into oversold territory but has not shown signs of a reversal. MACD remains in negative territory with a narrowing histogram, suggesting momentum is fading. Bollinger Bands have expanded, indicating increased volatility and uncertainty in the near term.

Volume and Turnover Analysis

Volume spiked sharply overnight, especially during the 01:15–01:30 ET period, with over 236,570 units traded as price dropped below 0.2850. However, price failed to follow through on any subsequent bullish attempts, indicating weak conviction. Turnover and volume are aligned, showing no divergence in price and volume behavior.

Key Levels and Fibonacci Retracements

Key support levels have shifted to 0.2880 and 0.2840. Fibonacci retracements from the recent 0.2823 low to the 0.2995 high indicate 38.2% at 0.2925 and 61.8% at 0.2865 — the latter of which coincides with the current consolidation range.

Looking ahead, the market may test the 0.2840 level for support, with a potential rebound into 0.2865–0.2880 possible if buyers step in. However, with bearish momentum still intact and key resistance above 0.2920 untested, there is a risk of further consolidation or a deeper pullback if sentiment shifts. Investors should monitor volume at critical levels for signs of reversal.