Summary
•
fell below $0.001700 amid a volume spike and bearish momentum.
• A 5-minute engulfing pattern signaled a potential reversal near $0.001713.
• RSI entered oversold territory, suggesting possible short-term stabilization.
• Volatility widened in the early morning ET, with a key support at $0.001670 tested.
• A declining trendline formed during the session, suggesting further consolidation or weakness.
Market Overview
IOST/Tether (IOSTUSDT) opened at $0.001710 and closed at $0.001670 over the 24-hour window, with a high of $0.001713 and a low of $0.001600. Total volume reached 321.38 million units, while turnover amounted to approximately $52,319.68.
Structure & Formations
Price action revealed a bearish engulfing pattern near $0.001713, suggesting a shift in momentum. A key support level at $0.001670 was tested but not decisively held. On the daily chart, Fibonacci retracement levels from the recent high show a 61.8% level at $0.001684, currently acting as a potential resistance.
Moving Averages and Momentum
On the 5-minute chart, price closed below both the 20- and 50-period moving averages, reinforcing a bearish bias. RSI dipped into oversold territory, hinting at possible short-term rebounds. MACD remained negative with a narrowing histogram, suggesting fading bearish momentum.
Volatility and Bollinger Bands
Volatility expanded during the early morning session, with price breaking below the lower Bollinger Band, signaling a potential continuation of the bearish move. A contraction in the bands was observed later, indicating a possible lull in activity ahead.
Volume and Turnover
Volume surged sharply during the early morning, with a large 5-minute candle capturing over 32 million units traded. This coincided with a significant drop in price, supporting the bearish narrative. However, declining turnover in the final hours suggests weakening conviction in the downward move.
IOSTUSDT may test the next support level near $0.001650 in the coming 24 hours, depending on broader market sentiment. Investors should monitor for a potential rebound near the 38.2% Fibonacci level at $0.001685, though risk remains on the downside in case of a breakdown.
Comments
No comments yet