Market Overview for Celer Network/Tether (CELRUSDT)

Summary
• Price tested key resistance at $0.00365, failed to hold, and closed near a 24-hour low.
• Volume surged during the early hours of ET, but turnover failed to confirm bullish momentum.
• RSI dipped below 30 for an extended period, suggesting potential oversold conditions.
• A bearish engulfing pattern formed near $0.00367, reinforcing downward bias.

Celer Network/Tether (CELRUSDT) opened at $0.003554 at 12:00 ET-1, reached a high of $0.003711, and closed at $0.003649 by 12:00 ET. The 24-hour volume totaled 33.4 million CELR with $12.3 million in notional turnover.

Structure and Support/Resistance

The price tested the $0.00365 resistance zone twice, forming a bearish engulfing pattern and a hanging man at the top. The $0.00363 support appears strong, having acted as a floor during multiple pullbacks. A doji at $0.003674 suggests indecision among buyers during consolidation.

Volatility and Bollinger Bands

Volatility expanded significantly in the early hours of ET, pushing the price near the upper band. However, it later retracted into the lower half of the band, indicating weakening momentum. The narrowing of bands in the latter part of the day suggests a possible pause in directional movement.

The 20 and 50-period moving averages on the 5-minute chart both sloped downward throughout the session, reinforcing the bearish trend. The 50-period MA crossed below the 100-period MA in the daily chart, signaling a potential bearish crossover. The MACD remained negative, with the signal line pulling lower, indicating declining bullish momentum.

Volume and Turnover

Volume spiked to over 3 million CELR traded during the early ET session, but turnover failed to rise proportionally, pointing to a potential lack of conviction. A divergence between rising price and falling turnover was observed near $0.00367, suggesting weakening demand.

Fibonacci and Overbought/Oversold Conditions

The price retested the 38.2% Fibonacci level at $0.00363 after an initial move from $0.003534 to $0.003711. The RSI spent much of the session below 30, signaling oversold conditions, while the MACD failed to confirm a bullish divergence, suggesting potential further downside.

In the next 24 hours, a retest of the $0.00363 support could trigger a short-term bounce. However, failure to hold above $0.00362 may accelerate selling pressure. Investors should remain cautious, as volatility appears poised to increase.