Summary
•
formed a bullish engulfing pattern at 1.028 before rallying to 1.046.
• Volume surged in the early hours, confirming the breakout above 1.040.
• RSI hit overbought territory near 1.046, suggesting a potential pullback.
• Bollinger Bands expanded after midday, reflecting heightened volatility.
• Key resistance now at 1.046 with support at 1.035, forming a defined trading range.
At 12:00 ET on December 22, FC Porto Fan Token/Tether (PORTOUSDT) opened at 1.028, reaching a high of 1.046 and a low of 1.022 before closing at 1.037. Total volume for the 24-hour period was 101,327.69 with a turnover of 104,013.40.
Structure & Formations
The price found a strong support zone around 1.028–1.029, where a bullish engulfing pattern formed following a sharp decline. This pattern coincided with rising volume, indicating a shift in sentiment. Resistance emerged at 1.046–1.048, where the RSI reached overbought levels and price consolidation began. A minor support level at 1.035 became active in the late afternoon.
Volatility and Momentum
Bollinger Bands widened significantly after 05:00 ET, reflecting increasing volatility during the upward move. MACD crossed into positive territory in the early hours, confirming bullish momentum.
However, a potential slowdown appears at 1.046, where the RSI maxed out and price action showed signs of exhaustion.
Volume and Turnover
Volume spiked sharply between 00:15 ET and 06:00 ET, particularly during the rally toward 1.046. The highest single-candle turnover occurred at 04:45 ET with 4,142.38 units, suggesting a key liquidity cluster. Turnover and volume aligned well with price highs, offering confirmation rather than divergence.
Key Fibonacci Levels
Applying Fibonacci to the 1.022–1.046 swing, 61.8% corresponds to 1.037, where price closed near the 24-hour mark. The 50% retracement at 1.034 acted as a minor support during consolidation. This suggests a potential retest of 1.037 in the near term.
Over the next 24 hours, PORTOUSDT may consolidate between 1.035 and 1.046, with the 1.037 close price suggesting a likely pullback. A break above 1.048 would signal renewed bullish momentum, but investors should watch for a potential test of 1.034 as a key support. Volatility remains elevated, and sudden volume spikes could disrupt the range.
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