Bearish Bias Holds Despite Late Rally, Key Support Looms

Summary
• Price action shows a bearish reversal at 0.0677–0.0679, followed by consolidation near 0.0675.
• Volume spiked during the late-night bullish push but diverged from price during the morning sell-off.
• RSI and MACD indicate weakening momentum with mixed signals in overbought territory.
• Bollinger Bands expanded with high volatility, but price remains below the midline.
• Fibonacci retracements show key levels at 0.0673 (38.2%) and 0.0669 (61.8%) as potential support.

The pair opened at 0.0669 on 2026-02-07 at 12:00 ET, reached a high of 0.0685, a low of 0.0658, and closed at 0.0675 on 2026-02-08 at 12:00 ET. Total volume was 447,469.5 and notional turnover was 29,686.33 USDC over 24 hours.

Structure & Formations

Price action on the 5-minute chart displayed a bullish breakout above 0.0677 in the early hours, followed by a bearish engulfing pattern at 0.0678–0.0675. A doji at 0.0675 suggested indecision, while Fibonacci levels at 0.0673 and 0.0669 acted as temporary floors. Resistance appeared consolidated at 0.0677–0.0678, with support near 0.0669 gaining importance after several failed tests.

Technical Indicators

The 20-period and 50-period moving averages on the 5-minute chart remained slightly above price, reflecting short-term bearish bias. On the daily chart, the 50-period MA crossed below the 200-period MA, hinting at a potential bearish tilt. RSI peaked at 65–68 during the late-night rally, indicating short-term overbought conditions, while MACD showed a narrowing histogram, suggesting waning momentum.

Bollinger Bands widened during the breakout above 0.0677 and have since contracted as price consolidated. Price remains below the midline, which aligns with the bearish bias.

Volume and Turnover

Volume spiked during the bullish push in the early morning (61,769.9 at 00:15) but declined sharply in the morning sell-off, showing divergence. Turnover also peaked during this rally, then weakened as sellers took control. The morning’s bearish move occurred on relatively low volume, suggesting a potential lack of conviction in the short-term decline.

Forward Outlook

Price appears to be testing key support at 0.0669 and could find a floor there, especially if volume increases. However, buyers may struggle to reclaim 0.0677–0.0678 without a strong reversal. Investors should monitor divergence between price and volume and remain cautious of volatility ahead of potential market-moving news or algorithmic activity.