Market Overview for Filecoin/Tether (FILUSDT)

Summary
• Price opened at 1.567, surged to 1.605 before retracting to 1.514, and closed at 1.516.
• A bearish engulfing pattern formed near 1.592–1.605, signaling potential short-term reversal.
• Volatility expanded significantly with a 24-hour high–low range of 83.5 bp.
• Turnover surged to $1.46M with volume peaking at 976k FIL, showing increased market participation.
• RSI hit overbought territory at 74, suggesting short-term exhaustion.

Filecoin/Tether (FILUSDT) opened at 1.567, hit a high of 1.605, dropped to a low of 1.514, and closed at 1.516. Total 24-hour volume reached 9,764,469 FIL, with $1.46 million in notional turnover.

Structure & Formations

The price action formed a bearish engulfing pattern between 1.592 and 1.605, with a large red candle confirming potential bearish momentum. A 5-minute doji emerged near 1.567–1.569 in early ET time, indicating indecision. Key support levels appear at 1.553 and 1.520, while resistance is evident at 1.576 and 1.593.

Moving Averages

On the 5-minute chart, price broke below the 20-period and 50-period moving averages, reinforcing bearish bias. The daily chart shows the 50-period EMA at ~1.564, aligning with recent support.

Momentum & Volatility

The RSI reached 74, indicating overbought levels early in the session before falling to 38, suggesting a potential rebound from recent oversold territory. MACD showed bearish divergence with a negative crossover in the morning, followed by a weak bullish crossover in the afternoon. Volatility, as measured by the Bollinger Band width, expanded sharply during the early ET sell-off, with price hovering near the lower band at the 24-hour close.

Volume & Turnover

Volume surged during the early ET sell-off, peaking at 802,684.82 FIL, and remained elevated through the afternoon. Turnover and volume remained in alignment, suggesting genuine participation rather than manipulative activity. A divergence between volume and price emerged in the final 3 hours, with volume declining despite the price finding support at 1.514.

Fibonacci Retracements

Key Fibonacci retracement levels from the 1.520–1.605 swing include 38.2% at 1.561 and 61.8% at 1.538. Price tested the 61.8% level twice, with the most recent attempt failing to hold. The 23.6% retracement at 1.595 acted as resistance during the early morning session.

Looking ahead, FILUSDT appears to be consolidating near 1.514–1.516. A break below 1.510 could trigger further downside toward 1.500. Investors should remain cautious about sharp volatility and avoid overleveraging in this highly reactive environment.