Summary
• Price broke below key support at $0.3700, signaling bearish continuation.
• RSI and MACD show weakening momentum with bearish divergence.
• High volatility and volume confirm a strong downside move.
The
pair opened at $0.3781 on December 22 at 12:00 ET, reaching a high of $0.3802 before closing at $0.3673 on December 23 at 12:00 ET. The 24-hour trading volume was approximately 46.46 million
, with a turnover of about $16.99 million.
Structure & Formations
Price action shows a sharp breakdown below key support at $0.3700, confirming a bearish bias. A large bearish engulfing pattern at $0.3768 to $0.3738 further reinforces the downward trend. A potential Fibonacci 61.8% retracement level sits near $0.3630, which may act as the next critical support.
Moving Averages
On the 5-minute chart, the 20-period and 50-period moving averages are both bearishly aligned, with price remaining below both.
Daily moving averages (50/100/200) are also bearish, with price well below the 200-period line, indicating long-term bearish momentum.
MACD & RSI
The MACD turned negative and crossed below the signal line, reinforcing bearish momentum. RSI has entered the oversold zone around 30, but price continues lower, suggesting momentum remains strong on the downside. A bearish divergence is forming between price and RSI, signaling a possible slowdown ahead.
Bollinger Bands
Volatility has expanded significantly, with price breaking below the lower band at $0.3700. The width of the bands suggests increased uncertainty in the market. Price appears to be in a consolidation phase between $0.3630 and $0.3670, which may define the next trading range or breakout.
Volume & Turnover
Volume surged on the breakdown below $0.3700, confirming the bearish move. Turnover remained in line with volume, with no notable divergence detected. The largest volume spike occurred at $0.3768, where the price gapped down sharply.
Looking ahead, a test of $0.3630 appears likely, with a potential rebound or further bearish extension depending on volume and order flow. Investors should remain cautious about a continuation of the downtrend and consider short-term bearish setups, while monitoring for any signs of reversal or stabilization near key Fibonacci levels.
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