Summary
• Price declined from $0.0444 to $0.0389 amid bearish momentum and high volatility.
• Volume surged in the early session but faded as the trend consolidated.
• Key support around $0.0385–$0.0387 may test buyers’ resolve in the near term.
• RSI and MACD suggest potential overbears could take control in the short term.
• Volatility expanded mid-session but has since contracted into a tighter range.
Hooked Protocol/Tether (HOOKUSDT) opened at $0.0406 on January 10 at 12:00 ET and reached a high of $0.0444 before declining to a low of $0.0383. The pair closed at $0.0389 as of 12:00 ET January 11. Total volume for the 24-hour period was 110,043,767.8 with $4,251,095.53 in notional turnover.
Structure & Formations
Price action shows a bearish reversal pattern following a sharp rally in the first hour of the session. A key support level appears to be forming around $0.0385–$0.0387, where buyers have intermittently stepped in.
A doji formed near this level late in the session, suggesting indecision. The prior resistance at $0.0444 may now serve as a psychological ceiling for near-term upward moves.
Moving Averages and Momentum
The 20- and 50-period moving averages on the 5-minute chart moved lower throughout the session, confirming the bearish bias. The 50-period daily moving average remains above current levels, indicating a potential for further consolidation. The RSI has dipped into oversold territory, which may trigger short-covering or small bounces, but bearish momentum via the MACD suggests more downside could follow.
Volatility and Bollinger Bands
Volatility spiked early in the session before compressing into a narrower range, with price closing near the lower band of the Bollinger Bands. This contraction could precede a breakout or a continuation of the bearish trend. The bands remain wide relative to the prior 20-period average, suggesting that volatility remains elevated despite the consolidation.
Volume and Turnover
Volume surged early in the session during the upward move from $0.0408 to $0.0444, but faded as the trend reversed. Notional turnover also followed this pattern, confirming the bearish reversal. A divergence between declining price and volume suggests waning short-term selling pressure, which could support a temporary bounce but not a reversal.
Implications and Outlook
Hooked Protocol/Tether may continue to test key supports in the coming session, with $0.0385–$0.0387 as a likely target. A break below this range could open the door to $0.0380–$0.0375, while a rebound may see a pullback to $0.0395. Investors should remain cautious as momentum indicators remain bearish and volatility is still high.
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