Market Overview for Lorenzo Protocol/Turkish Lira (BANKTRY)

Summary
• Price surged 8.7% from 1.83 to 1.826 on strong volume in the final hour.
• A bearish engulfing pattern formed near 1.821 after a brief rebound.
• Volatility expanded 23% as price traded between 1.788 and 1.922.
• RSI oversold at 28.3, suggesting possible near-term support.
• Bollinger Bands widened, with price closing near the lower band.

Lorenzo Protocol/Turkish Lira (BANKTRY) opened at 1.83 at 12:00 ET−1, surged to 1.922 before retreating to 1.826 by 12:00 ET. Total volume reached 3,059,745.0 TRY, with a notional turnover of approximately $5,465,571.

Structure & Formations

The price action formed a bearish engulfing pattern near 1.821 during the 16:45–17:00 ET window, signaling potential bearish momentum. A key support level appears to be forming around 1.826–1.832, with earlier resistance at 1.851 and 1.880 now acting as potential support on pullbacks.

Moving Averages

Short-term (20/50-period) moving averages on the 5-minute chart showed a bullish crossover during the midday surge to 1.922, but reversed bearish after the pullback. Daily moving averages (50/100/200) are broadly bullish, with the 200-day line at ~1.845.

Momentum & Indicators

The 12-hour RSI reached 28.3, hinting at oversold conditions, but momentum weakened in the last hour with a bearish divergence. MACD lines crossed below the signal line, reinforcing bearish sentiment in the short term.

Volatility and Bollinger Bands

Volatility expanded significantly during the session, with a 23% widening of Bollinger Bands. The price closed near the lower band at 1.826, suggesting potential for a rebound unless buyers step in above 1.832.

Volume and Turnover

Volume spiked 8.3x during the 09:30–10:15 ET session as price fell to 1.802, but turnover failed to confirm strength. A divergence between price and turnover occurred after the 1.922 high, suggesting weakening bullish conviction.

Fibonacci retracement levels from the 1.788–1.922 move show 61.8% at ~1.845 as a potential near-term resistance.

The market appears to be consolidating near key support levels after a sharp intraday reversal. While short-term momentum favors bears, a rebound above 1.832 could reignite buyer interest. Investors should remain cautious as volatility remains high and the risk of a further pullback to 1.802 remains real in the next 24 hours.