Market Overview for Hooked Protocol/Tether (HOOKUSDT)

Summary
• Price consolidated between $0.0356 and $0.0361 with a bullish engulfing pattern near $0.0356.
• MACD flattened, RSI near 50 suggests balanced momentum.
• Volatility dipped mid-session but surged late ET with increased turnover.
• Bollinger Bands tightened pre-ET before expanding with late buying.
• 61.8% Fibonacci support aligned with key low at $0.0356.

Hooked Protocol/Tether (HOOKUSDT) opened at $0.0358 on 12/16 ET and traded between $0.0355 and $0.0363, closing at $0.0356 as of 12:00 ET on 12/17. Total volume reached ~1.88 million, with notional turnover approximately $69,500.

Structure & Formations

Price found strong resistance at $0.0361 and support at $0.0356 during the 24-hour period. A bullish engulfing pattern formed during the late ET session, suggesting short-term buyers stepped in after a brief pullback. Doji were seen at key pivot levels, indicating indecision.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages were closely aligned between $0.0357 and $0.0358, suggesting a neutral trend. On the daily chart, price is above the 50-period MA but below the 200-period, signaling potential for a longer-term consolidation phase.

MACD & RSI

The MACD line flattened around zero, signaling weak momentum, while RSI hovered near 50, indicating balanced buying and selling. A slight oversold condition developed during the final 5-minute candle, suggesting potential for a bounce.

Bollinger Bands

Bollinger Bands contracted tightly between $0.0357 and $0.0360 for much of the session, before expanding with a late buying push. Price remained within the bands, with the upper band acting as a key resistance level.

Volume & Turnover

Volume spiked late in the session, with the 01:30 ET and 09:15 ET candles seeing the largest volumes (207,710 and 89,238, respectively). Notional turnover also increased in the final hours, confirming price action. No notable divergence between price and turnover was observed.

Fibonacci Retracements

Key support was identified at $0.0356, aligning with the 61.8% Fibonacci level of a prior 5-minute swing. Price briefly tested this level twice, with the second test resulting in a modest rebound.

Looking ahead, buyers may test the $0.0361 resistance level over the next 24 hours, with potential for a short-term rally if the bullish engulfing pattern holds. Traders should remain cautious of a pullback near $0.0358 and watch for confirmation from the 50-period moving average.