MANTRA/Tether Dips Into Oversold Territory Amid Bearish Breakdown

Summary
• Price declined from 0.0472 to 0.0453, forming a bearish engulfing pattern near resistance.
• Volume surged during the 16:15–16:30 ET rally but failed to confirm a reversal.
• RSI approached oversold territory, suggesting potential for a near-term rebound.
• Bollinger Bands widened midday, reflecting increased volatility and a break from the mean.
• Turnover diverged from price during the late-night dip, signaling possible distribution.

MANTRA/Tether (OMUSDT) opened at 0.0465 on 2026-02-06 12:00 ET, peaked at 0.0472, and closed at 0.0453 as of 2026-02-07 12:00 ET. The 24-hour volume totaled approximately 12.95 million, with a notional turnover of around $597,575.

Price action on the 5-minute chart displayed a strong bearish bias throughout the early session, with a brief rebound in the midday hours failing to hold. A bearish engulfing pattern formed near the 0.0468 level, reinforcing downward pressure. RSI dipped into oversold territory near 0.0453, indicating a possible short-term rebound could be on the cards.

Moving averages on the 5-minute timeframe showed a clear bearish crossover, with the 20-period MA below the 50-period MA for much of the session. Bollinger Bands experienced a midday expansion, suggesting elevated volatility, while price remained below the 20-period MA for most of the period.

Volume and turnover spiked during the 16:15–16:30 ET window on a rally attempt, but failed to confirm a bullish reversal as price closed lower. A divergence between price and turnover during the late-night decline also suggests possible profit-taking or distribution.

Fibonacci retracement levels drawn from the 0.0468 high to the 0.0449 low showed price finding support near the 61.8% level, currently at ~0.0454. A break below this could target 0.0449, whereas a rebound above 0.0461 may test key resistance levels.

Looking ahead, a near-term bounce may be possible if buyers re-enter near oversold RSI levels. However, the dominant bearish trend remains intact unless price can reclaim and hold above 0.0468. Investors should be cautious of volatility and possible follow-through selling if key supports are tested.