Summary
•
fell to 0.3731 before rebounding with a 38.2% Fibonacci retracement toward 0.3984.
• A 20-period EMA crossed above the 50-period EMA in early morning ET, suggesting short-term bullish momentum.
• Volume surged near 0.3782 and 0.4061, suggesting key turning points.
• RSI bottomed at 29, hinting at oversold conditions, but failed to trigger a sustained rally.
• Price remained within a 0.3731–0.4075 range, with Bollinger Bands contracting in the early morning.
The 24-hour period for API3/Tether (API3USDT) opened at 0.4034 and reached a high of 0.4075 and a low of 0.3731 before closing at 0.4043 at 12:00 ET. Total volume amounted to 1,262,338.53, with a notional turnover of $504,826.97 over 24 hours.
Structure & Formations
Price action showed a strong bearish trend from 0.4034 down to 0.3731, followed by a multi-hour consolidation and a modest recovery. A long bearish engulfing pattern was observed around 0.3907, and a small bullish pinocchio candle occurred at 0.3735. The 0.3731 level acted as a strong support, while 0.4075 and 0.4022 represented key resistances.
Moving Averages
On the 5-minute chart, the 20-period EMA crossed above the 50-period EMA in the early hours of the morning, signaling short-term bullish momentum.
On the daily chart, the price remained above the 50-period MA but below the 200-period MA, indicating a mixed bias between medium and long-term trends.
MACD & RSI
The MACD line crossed above the signal line during a morning rebound, reinforcing the short-term bullish signal. RSI reached oversold territory at 29 and bounced, but failed to maintain a sustained rally. This suggests caution in interpreting the RSI signal without accompanying volume confirmation.
Bollinger Bands
Bollinger Bands showed a period of volatility contraction during the early morning hours, followed by a moderate expansion as price moved closer to the upper band. Price remained within a defined range of 0.3731–0.4075, suggesting a period of consolidation.
Volume & Turnover
Volume spiked at 0.3782 and again at 0.4061, indicating key reversal points. Notional turnover mirrored the price swings, with higher volumes during both the morning rally and the afternoon pullback. No clear divergence was observed between price and turnover.
Fibonacci Retracements
A 38.2% Fibonacci retracement from the 0.3731 low to the 0.4075 high aligned closely with the 0.3984 level, which the price approached during the morning rebound. This suggests that the 0.3984–0.3993 region could act as a key support/resistance cluster in the near term.
The market appears to be in a phase of consolidation after a sharp bearish move. A breakout above 0.4075 could signal renewed bullish momentum, while a breakdown below 0.3731 would confirm further bearish pressure. Investors should remain cautious and monitor volume and RSI for confirmation of any directional move in the next 24 hours.
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