Market Overview for Dolomite/Turkish Lira (DOLOTRY): 24-Hour Analysis

• Price surged 9.7% in 24 hours, hitting a 24-hour high of 7.31 and closing at 7.088.
• Volume spiked during early ET hours before tapering, with turnover diverging from price in the late session.
• RSI signaled overbought conditions twice, while Bollinger Bands showed a moderate expansion.
• A bullish engulfing pattern formed during the late ET push, followed by a bearish reversal into the overnight.

Dolomite/Turkish Lira (DOLOTRY) opened at $6.69 at 12:00 ET-1 and closed at $7.088 by 12:00 ET, hitting a high of $7.31 and a low of $6.676 over the 24-hour window. Total volume amounted to 13.85 million units, with notional turnover reaching $97.6 million. Price action was driven by a sharp rally in early ET hours, followed by a consolidation phase with bearish momentum in the overnight.

Structure & Formations

Price formed a key bullish engulfing pattern between 19:30 and 20:00 ET as the asset broke through 7.38 and retested its high of 7.31. A bearish reversal followed from 23:30 ET into the overnight, forming a bearish harami as DOLOTRY fell from 7.229 to 7.075. Key support levels emerged around 7.06–7.08, with resistance seen at 7.16–7.18. A doji at 01:15 ET signaled indecision, followed by a downward move. These patterns suggest a potential consolidation phase ahead.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs showed a bullish crossover just before the peak, reinforcing the upside move. However, the 50-period SMA began to diverge from price as the bearish consolidation took hold, suggesting a potential retest of prior support. On the daily chart, the 50-period SMA remains below the 200-period SMA, indicating a long-term bearish bias despite the recent short-term strength.

MACD & RSI

The MACD turned bearish during the overnight session as the histogram contracted and the line crossed below the signal line. RSI peaked at 63.5% during the early ET surge, reaching a local overbought threshold before dropping below 50% by 03:00 ET. The indicator may need to fall below 45% for a more pronounced bearish signal, but the current level suggests a balance between buying and selling pressure.

Bollinger Bands

Volatility widened during the late ET surge, with price briefly breaching the upper band at 7.31. The bands have since contracted, with the current price hovering near the midline at 7.07. A retest of the lower band at ~7.03 could trigger a short-term rebound, but a sustained break below 7.01 would signal deeper bearish momentum. The current configuration appears to be in a neutral to slightly bearish phase.

Volume & Turnover

Volume spiked to 1.3 million units during the 19:00–19:30 ET period, coinciding with the bullish reversal. However, turnover diverged from price later in the session, peaking at 1.2 million units while price retreated. This suggests diminishing buying pressure as the market consolidated. The overnight saw a sharp drop in both volume and turnover, aligning with the bearish price action and indicating a potential exhaustion of near-term buyers.

Fibonacci Retracements

The 38.2% and 61.8% Fibonacci levels from the 19:30 ET high at 7.31 came in at ~7.18 and ~7.09, respectively. Price retested the 7.18 level twice before falling to the 7.09 level by 02:30 ET. A move below 7.09 could target the 61.8% extension of the overnight decline, currently at ~7.005. These levels are likely to be key for near-term directional bias.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions at a bullish engulfing pattern confirmation, with stop-loss placed below the prior swing low, and targeting the 61.8% Fibonacci level as a first profit target. Conversely, short positions could be triggered during bearish divergences in the MACD and RSI, with stops above the 7.16 resistance level. This approach leverages both candlestick structure and indicator confluence for directional clarity in a volatile short-term environment.