Summary
• Price action on
formed a bullish engulfing pattern after a sharp drop to 0.1170.
• RSI dipped into oversold territory, suggesting potential for short-term recovery.
• Volume surged during the 02:30–04:00 ET window, confirming a key reversal.
• Bollinger Bands narrowed earlier, signaling a consolidation before the break higher.
• Fibonacci retracement at 0.1192 acted as a strong support on the 5-min chart.
Price and Volume Summary
At 12:00 ET–1, Decentraland/Tether (MANAUSDT) opened at 0.1198, reaching a high of 0.1211 before settling at a 24-hour low of 0.1153. The session closed at 0.1153, reflecting a bearish bias. Total traded volume was 9,778,106, with notional turnover totaling $1,149,263.
Structure & Formations
The price action displayed a key bullish engulfing pattern after a sharp decline to the 0.1170 support level, suggesting a potential short-term reversal. A doji formed near 0.1192, reinforcing the consolidation phase. Resistance appears to be forming around 0.1196–0.1202, while support is consolidating around 0.1170–0.1178.
Indicators and Momentum
RSI dipped into oversold territory around 30 during the decline, signaling a potential rebound. The MACD crossed into positive territory after the consolidation, supporting a short-term bullish bias. Bollinger Bands showed a period of contraction before the breakout, indicating a potential continuation of the current trend.
Volume and Turnover
Volume spiked sharply between 02:30 and 04:00 ET, coinciding with the reversal from 0.1170 to above 0.1200. Notional turnover confirmed the strength of the move, with no significant divergence seen between price and volume. This suggests the reversal is likely backed by genuine buying interest.
Future Outlook and Risk
With key support at 0.1170 holding and a bullish engulfing pattern forming, MANAUSDT may continue to rebound toward 0.1202–0.1204 in the next 24 hours. However, a breakdown below 0.1170 could trigger a retest of earlier lows. Investors should remain cautious and watch for confirmation at key Fibonacci levels.
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