Dolomite/Turkish Lira Market Overview

Summary
• Price surged to a 24-hour high of 2.767 before consolidating near 2.74–2.75.
• Volatility expanded during the night as price broke above key resistance levels.
• Strong volume confirmed the breakout, especially after 03:00 ET.
• RSI showed overbought levels midday, suggesting potential pullback risk.
• Bollinger Bands expanded, indicating a period of increased market activity.

Dolomite/Turkish Lira (DOLOTRY) opened at 2.63 at 12:00 ET − 1 and reached a high of 2.767 before closing at 2.753 at 12:00 ET. Total 24-hour volume was approximately 1,589,000 units, with a turnover of around 4.33 million TRY. Price action suggests a bullish breakout following a consolidation phase and key resistance levels.

Structure & Formations

Price formed a bullish breakout pattern after consolidating between 2.64 and 2.66 during the morning. Key resistance levels at 2.665 and 2.71 were cleared with confirmation from strong volume. A bearish reversal may occur near 2.767 unless the trend continues with sustained volume. A support level appears to have formed at 2.64–2.65, which could offer a safety net should the market correct.

Moving Averages

Short-term 20-period and 50-period moving averages on the 15-minute chart show a steep upward shift, indicating a strong reversal in trend. The 50-period moving average crossed above the 20-period, confirming the bullish momentum. Daily 50/100/200-period MAs suggest a longer-term bullish setup, with price above all three indicators as of today.

MACD & RSI

MACD shows a positive divergence, with the line rising sharply and the histogram expanding, signaling strong upward momentum. RSI has reached overbought territory several times during the day, peaking at 70–72. This may indicate an impending pullback or consolidation. However, as long as price remains above 2.70, the bullish bias holds.

Bollinger Bands

Bands expanded significantly during the breakout phase, indicating heightened volatility. Price remained within the upper band for a large portion of the session, reinforcing the strength of the move. A pullback toward the middle band would test the sustainability of the trend, while a test of the upper band could trigger further bullish action.

Volume & Turnover

Volume spiked sharply after 03:00 ET, with a 15-minute interval recording over 50,000 units traded. This confirms the breakout’s strength and the presence of bullish institutional or large-scale buying. Turnover also rose in line with volume, showing no signs of divergence. Divergence between price and volume would have signaled a potential reversal, but both are aligned.

Fibonacci Retracements

On the 15-minute chart, price tested the 61.8% retracement level of the prior downtrend around 2.66, which was then broken to the upside. On the daily timeframe, Fibonacci levels are less relevant due to the shorter period, but the 2.75 level marks a key retracement of recent bearish swings. A test of the 38.2% level could offer a temporary pause in the upward move.

Backtest Hypothesis

To further assess the market’s behavior following bullish setups, a backtest strategy can be implemented using verified price data. A common approach is to detect and act upon Bullish Engulfing candlestick patterns. When identified, a long signal is triggered at the next bar’s open, with a 3-day holding period. This method would test whether the pattern reliably predicts a directional move. The results could help validate whether current price action is part of a broader trend or a temporary spike. Once a valid data feed for DOLOTRY (or an alternative symbol like USDTRY) is confirmed, we can proceed with backtesting over a multi-year period.