Summary
• Price drifted lower intraday before consolidating near a key 5-min support level.
• Volume surged in the 07:45–09:45 ET window, aligning with a 6.5% price drop.
• RSI and MACD show moderate bearish momentum with no overbought readings.
• Bollinger Bands widened early, reflecting heightened volatility, then narrowed.
• Fibonacci retracement levels suggest potential for a 26.91–27.12 range trade.
At 12:00 ET-1, Compound/Tether (COMPUSDT) opened at $27.79, reached a high of $27.84, and a low of $26.48 before closing at $27.12 at 12:00 ET today. Total volume for the 24-hour window was 39,863.59, with a notional turnover of $1,080,238.
Structure & Formations
Price tested a 5-min support level near $26.91–27.05 multiple times, with the most recent rebound showing a bullish engulfing pattern in the 10:45–11:00 ET window. However, bearish momentum was reinforced by a series of lower highs and lower closes between 07:45–09:45 ET. A key 5-min resistance appears to be forming at $27.27–27.35, where price stalled three times.
Moving Averages and Fibonacci
On the 5-minute chart, the 20-period MA dipped below the 50-period MA, reinforcing short-term bearish bias.
On the daily chart, the 200-day MA remains above the 50-day MA, suggesting medium-term sideways consolidation. Fibonacci retracement levels from the key 5-min swing (high $27.84 to low $26.48) suggest potential support at 61.8% ($27.01) and resistance at 38.2% ($27.44), with price currently consolidating near the 50% level.
Momentum and Volatility
RSI remained in neutral to bearish territory for much of the session, dipping below 40 after the 07:45 ET leg down. MACD confirmed the bearish tone, with the histogram expanding lower during the selloff. Bollinger Bands showed a significant contraction in the late hours of 12:00–04:00 ET, indicating potential for a breakout or consolidation in the next 24 hours.
Volume and Turnover
Volume spiked to a 24-hour peak in the 07:45–09:45 ET window, coinciding with a 6.5% drop to $26.61. This was followed by a smaller but still meaningful volume surge after 14:00 ET, as price rebounded. Turnover and price action aligned during the early morning selloff, but a divergence appeared in the 14:00–16:00 ET rebound period, with higher turnover and limited price recovery.
While the immediate consolidation near $27.12 could suggest a possible rebound attempt, caution is warranted due to the bearish momentum indicators and lack of strong bullish confirmation. Price could test the $26.91 support level again or attempt a rally toward $27.35 in the next 24 hours. Investors should monitor the 5-minute and daily MAs for confirmation of a potential shift in trend.
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