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Summary
• Price declined from 0.239 to 0.227, forming bearish engulfing patterns and testing key support at 0.227.
• Volume and turnover surged near the close, indicating heightened interest and potential reversal signals.
• RSI entered oversold territory, suggesting a possible near-term bounce or consolidation.
• Bollinger Bands show a modest contraction, pointing to a possible increase in short-term volatility.
• Fibonacci retracement levels at 0.228–0.321 may act as near-term resistance if buyers re-enter.
At 12:00 ET–1, HIGHUSDT opened at 0.238, reached a high of 0.239, and closed at 0.227 after hitting a low of 0.222. Total volume was 2,669,418.81 and turnover was 600,891.89 USDT, reflecting heightened activity during the final hours of the 24-hour period.
Structure & Formations
The price action formed a strong bearish bias throughout the day, especially with multiple bearish engulfing patterns observed from 18:45 to 19:00 ET. A key support level was identified at 0.227, which was tested multiple times and held during the final hours of the session.
Moving Averages
On the 5-minute chart, the 20-period and 50-period SMAs both declined in tandem with price, reinforcing the bearish momentum. On the daily chart, the 50-period SMA is approaching the 100-period SMA, indicating a potential shift in trend or consolidation phase.
MACD & RSI
The MACD histogram turned negative during the latter half of the day, showing bearish divergence. RSI dipped into oversold territory below 30, suggesting that a short-term bounce could be in the cards, though bearish pressure remains intact.
Bollinger Bands
Bollinger Bands narrowed near the session close, signaling a potential breakout or continuation of the bearish move. Price closed near the lower band, reinforcing the bearish sentiment and setting up a test of 0.224 as the next support.
Volume & Turnover
Volume spiked significantly in the final hours of the 24-hour period, particularly after 14:45 ET. Turnover mirrored this trend, indicating active short-term trading and heightened participation. Price and turnover aligned closely during this phase, suggesting strong conviction in the bearish move.
Fibonacci Retracements
Key Fibonacci levels derived from the most recent 5-minute swing show potential support at 0.228 (38.2%) and 0.231 (61.8%). These levels may act as psychological barriers for buyers attempting to reverse the trend in the near term.
The price appears to be consolidating around key support at 0.227, and a sustained break below 0.224 could open the door for further downside. Traders may want to closely watch volume and RSI for signs of a near-term reversal. Given the volatile environment and strong bearish momentum, risk management remains essential for the next 24 hours.
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