FETUSDT Fails to Hold Key Support Amid Surging Bearish Volume

Summary
• Price fell from 0.1715 to 0.1629 amid heavy bearish momentum.
• A key support at 0.162–0.163 held temporarily but failed to reverse the trend.
• Turnover surged near 0.165–0.167 zone, confirming a strong bearish bias.
• Bollinger Bands show contraction followed by expansion, signaling increased volatility.
• RSI entered oversold territory briefly but lacks a clear reversal confirmation.

24-Hour Price Action

At 12:00 ET – 1, FETUSDT opened at 0.1683 with a high of 0.1715 and a low of 0.162. By 12:00 ET, the pair closed at 0.1656. Total volume reached 18.85 million, with a notional turnover of $3.06 million, reflecting significant bearish participation.

Structure & Momentum

The price action displayed a strong downtrend, breaking key resistance at 0.167 and testing support levels near 0.163. A bearish engulfing pattern emerged during the drop from 0.1715 to 0.167, suggesting continued selling pressure. A doji formed near 0.162–0.163, hinting at short-term indecision but not reversal.

Volatility and Indicators

Bollinger Bands showed a period of contraction during the early morning hours before expanding as the price broke down to 0.163, indicating rising volatility. RSI reached oversold territory but failed to form a bullish divergence, casting doubt on a near-term reversal. MACD remained bearish with a declining histogram, reinforcing the downward bias.

Volume and Turnover Divergence

Volume and turnover were notably higher during the bearish breakdown from 0.169 to 0.165, suggesting strong confirmation of the move. However, the subsequent drop to 0.162 saw declining volume, pointing to weakening momentum. Price and turnover showed a minor divergence during this leg, suggesting possible exhaustion.

Fibonacci Retracement Levels

On the 5-minute chart, Fibonacci levels indicated 0.165 as the 38.2% retracement and 0.162 as the 61.8% retracement of the prior bullish move. The price stalled near the 61.8% level but failed to hold, suggesting a potential continuation lower. On the daily chart, further support appears near 0.158, which may be tested in the coming days.

The market appears to be in a strong bearish phase, with key support levels being tested and bearish patterns dominating. Traders may look for a retest of 0.162–0.163 as a potential short-term pivot. However, a break below 0.160 could accelerate the downtrend. As always, volatility remains high, and a sudden reversal—while unlikely—is not out of the question in the next 24 hours.