CTK/USDT Dips 2.5% — Bearish Engulf Confirmed

Summary
• Price action formed a bearish engulfing pattern after a 2.5% drop from 0.2168 to 0.2077.
• Volume surged in the final 3-hour window, confirming a potential short-term bottom.
• RSI hit oversold territory near 30, suggesting potential for a near-term rebound.
• Bollinger Bands show a modest contraction earlier in the session, hinting at a potential breakout.
• Fibonacci levels at 0.2096 and 0.2121 appear to be key short-term supports and resistances.

Market Overview

Shentu/Tether (CTKUSDT) opened at 0.2138 on 2026-02-06 at 12:00 ET and reached a high of 0.2178 before closing at 0.2088 as of 12:00 ET on 2026-02-07. The total 24-hour volume was approximately 197,738.6 and notional turnover was about $41,537.70.

Structure & Formations

The 5-minute chart reveals a bearish engulfing pattern in the early hours of 2026-02-07, confirming a potential shift in sentiment. A strong reversal candle formed at 0.2088–0.2090, suggesting a possible short-term bottom. Key support levels appear at 0.2082 and 0.2077, while resistance is seen near 0.2104 and 0.2116.

Moving Averages

On the 5-minute chart, the price closed below both the 20 and 50-period moving averages, indicating bearish momentum. Daily averages (50, 100, and 200) are not included in this data but are expected to show the pair remains in a consolidation phase after a recent decline.

MACD & RSI

RSI reached oversold levels near 30 by 07:15 ET, hinting at possible near-term support. MACD remained negative, with bearish divergence observed around 08:30–10:00 ET. A reversal in the MACD line may signal a short-term bounce.

Bollinger Bands

Volatility contracted between 04:15 and 05:45 ET, suggesting a potential breakout. Price closed near the lower Bollinger Band at the session’s end, which may confirm continued bearish pressure unless a reversal candle forms.

Volume & Turnover

Volume and turnover spiked sharply between 16:15 and 16:30 ET as the pair rebounded from 0.2111 to 0.2139, confirming the strength of the bounce. A divergence between volume and price was noted earlier during a false break attempt at 0.2104.

Fibonacci Retracements

Fibonacci levels from the 0.2168–0.2077 swing show key support at 0.2096 (38.2%) and 0.2121 (50%). A test of the 0.2077 (61.8%) level would signal a deeper correction unless a strong reversal candle forms.

The price may test the 0.2104–0.2121 range for a potential rebound, supported by a rising RSI and reversal volume. However, a break below 0.2077 could extend the decline further. Investors should remain cautious ahead of potential breakouts or breakdowns.