Market Overview for API3/Tether (API3USDT)

Summary
• Price action shows a bearish 5-minute close below key support at 0.440.
• Volume spiked during the 16:45–17:00 ET selloff, confirming weak sentiment.
• RSI suggests oversold conditions, hinting at potential short-term buying interest.

API3/Tether (API3USDT) opened at 0.4421 and traded between 0.4469 and 0.4226 over the 24-hour period, closing at 0.4268 at 12:00 ET. Total volume reached 161416.08, with notional turnover of $69046.797461.

Price action suggests bearish momentum with a breakdown below the 0.440 support level. A series of lower lows and higher selling pressure, especially during the 16:45–17:00 ET session, indicates strong bearish conviction. The 5-minute RSI is in oversold territory, suggesting potential for a short-term rebound.

On the 5-minute chart, the 20-period and 50-period moving averages are both bearish, and Bollinger Bands show a wide expansion, indicating heightened volatility. A bearish engulfing pattern appears near the 0.443 level, confirming the recent pullback. Volume diverged from price during the 9:00–11:45 AM ET period, suggesting weakening buying pressure before the final selloff.

Fibonacci retracement levels on the 5-minute swing from 0.4469 to 0.4226 suggest key levels at 0.4357 (38.2%) and 0.4300 (61.8%). The price currently rests near the 61.8% level, which could either act as support or trigger further downside if broken.

Looking ahead, if the 0.4268 level fails to hold, a test of the 0.4226 intraday low seems possible. Traders should remain cautious and monitor for any divergence in volume as a potential reversal signal.