Summary
• Price declined from $0.000563 to $0.000545, forming bearish continuation patterns.
• RSI and MACD suggest momentum has weakened, with RSI near oversold territory.
• Volatility increased significantly in the early session before stabilizing.
• Bollinger Bands show price near the lower band, indicating potential for a rebound.
• Volume increased sharply in early hours but has since consolidated.
BOOK OF MEME/Tether (BOMEUSDT) opened at $0.000563, reached a high of $0.000564, and a low of $0.000532, before closing at $0.000545. Total volume was 638,669,227.0, with a notional turnover of $349,322.92 over the 24-hour period. Price has shown a clear bearish bias in the session.
Structure & Formations
The session features a series of bearish continuation patterns, including a hanging man and a bearish engulfing formation. Key support levels have formed around $0.000545–$0.000541, while resistance appears near $0.000552–$0.000554. A long lower shadow at $0.000545 suggests a potential short-term bounce.
Moving Averages
On the 5-minute chart, the 20-period and 50-period moving averages both indicate downward momentum, with price currently trading below both. For daily charts, longer-term averages (50/100/200) are not available, but the trend remains bearish on shorter timeframes.
MACD & RSI
The MACD has turned negative and remains below the signal line, indicating bearish momentum. RSI has dropped to 30, nearing oversold territory, suggesting potential for a short-term rebound. However, without a clear bullish reversal, the downward trend may persist.
Bollinger Bands
Price has spent a large portion of the session near or below the lower Bollinger Band, indicating high volatility and a possible short-term bounce. The bands have widened significantly during the early part of the session, pointing to increased uncertainty.
Volume & Turnover
Volume spiked sharply in the early part of the session with a large bearish candle at $0.000545. However, volume has since decreased, indicating consolidation. Turnover increased in tandem, but recent divergence suggests weakening selling pressure.
Fibonacci Retracements
Fibonacci levels on the 5-minute chart show that price has tested key levels at 61.8% and 78.6%. A break below $0.000541 could target the next retracement at $0.000536, while a rebound above $0.000552 could indicate a temporary pause in the decline.
Over the next 24 hours, a test of $0.000541–$0.000536 appears likely, depending on whether buyers step in near the lower Bollinger Band or RSI bottom. Investors should watch for divergence between price and volume, as it may signal a potential reversal or continuation. As always, market conditions can shift rapidly, so caution is advised.
Comments
No comments yet