Summary
• Price broke higher into the session, forming bullish engulfing patterns near key resistance.
• RSI signaled overbought conditions mid-day, while volume surged during the rally.
• Bollinger Bands showed expansion after a morning consolidation, suggesting increased volatility.
• Price retested 0.0086–0.0087 support multiple times, with bearish divergence in late volume.
• Fibonacci retracement levels at 0.0088 and 0.0090 acted as dynamic resistance during upswings.
JasmyCoin/Tether (JASMYUSDT) opened at 0.00861 and closed at 0.00909, hitting a high of 0.00950 and a low of 0.00855 over the 24-hour period. Total volume reached 413,608,025.1 with a notional turnover of $3,717,862.67.
Structure & Formations
The price displayed a bullish bias during the session, with key resistance levels at 0.0090, 0.0092, and 0.0095 tested and broken. A series of bullish engulfing patterns formed around the 0.0086–0.0087 range in the early hours, signaling a potential reversal. A doji candle appeared near 0.0095, hinting at indecision and possible short-term reversal.
Moving Averages
On the 5-minute chart, the 20-period MA supported the upward trend, while the 50-period MA confirmed the strength of the rally. On the daily chart, the 50-period MA appears to be trending upward, with the 200-period MA acting as a strong support base.
MACD & RSI
The MACD crossed above zero in the morning, confirming bullish momentum. The RSI peaked near 75, indicating overbought conditions, particularly after the 0.0093–0.0095 move. A slight divergence in RSI and price during the latter half suggests weakening momentum.
Bollinger Bands
Bollinger Bands contracted during the early hours, followed by a sharp expansion as price surged above the upper band. Price remained within the upper and middle bands for most of the session, suggesting a continuation of the bullish trend, but with increasing volatility.
Volume & Turnover
Volume surged during the rally from 0.0086 to 0.0095, with the largest notional turnover occurring between 01:15–02:30 ET. Divergence in volume was seen in the late hours, where price moved higher but volume declined, suggesting potential exhaustion in the bullish momentum.
Fibonacci Retracements
Price moved above the 61.8% Fibonacci retracement level on the 5-minute chart, suggesting a strong bear-to-bull shift. On the daily chart, the 38.2% retracement level at 0.0088 provided temporary resistance before the price pushed higher.
The forward-looking bias appears constructive in the short term, with potential for a test of the 0.0095–0.0096 resistance zone. However, traders should remain cautious of possible pullbacks as the RSI indicates overbought conditions and volume appears to be losing conviction.
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