Kamino Finance's Price Plunge Tests New Support Amid Surging Sell Pressure

Summary
• Price declined from 0.01801 to 0.01721 amid a bearish trend and expanding volatility.
• Volume and turnover surged during the downward push, indicating strong selling pressure.
• A long lower shadow at 0.01721–0.01724 may suggest a potential support level forming.

Kamino Finance/Tether (KMNOUSDT) opened at 0.01801 at 12:00 ET–1, hit a high of 0.01804, a low of 0.01721, and closed at 0.01721 by 12:00 ET today. Total 24-hour volume was 11,387,580.0, and notional turnover reached 197,357.6154.

Market Overview

The 24-hour chart for KMNOUSDT displayed a clear bearish bias, with price testing and failing to reclaim key resistance levels above 0.0176. The candlestick pattern from 20:45 to 21:00 ET showed a bearish engulfing pattern, confirming the ongoing downward pressure. The 20-period 5-minute moving average remained below the 50-period, reinforcing short-term bearish momentum.

Momentum and Volatility

MACD turned negative in the final hours, with a bearish crossover evident. RSI dipped below 30 in the last 4 hours, indicating oversold conditions, though this may reflect exhaustion rather than a reversal. Bollinger Bands showed a moderate expansion during the decline, with price closing near the lower band, suggesting low volatility but lingering bearish sentiment.

Volume and Turnover

Volume increased sharply between 05:45 and 06:00 ET, with a large candle closing at 0.01736. This coincided with a 50% jump in turnover, signaling heightened selling activity. However, the price failed to stabilize, suggesting bearish conviction remains strong.

Fibonacci retracements on the 5-minute chart showed a 61.8% level at ~0.01731, which coincided with a failed rebound attempt. Further support appears to be forming around 0.01721–0.01723, based on the long lower shadow and volume clustering.

Kamino Finance may test the 0.01721 level for support over the next 24 hours, but with bearish momentum intact and RSI near oversold, a continuation of the downtrend remains likely. Traders should monitor volume dynamics at key levels for potential reversal or continuation signals.