Summary
• Price formed bearish engulfing and evening star patterns near 5.25.
• 5.15–5.16 acted as key support, with 5.20–5.22 as contested resistance.
• Volatility expanded after 04:00 ET as price broke above upper Bollinger Bands.
• RSI approached overbought at 68, while MACD showed bullish divergence.
• Turnover surged 35% in the final 2.5 hours of the window.
Metis/Tether (METISUSDT) opened at 5.24 on 2025-12-29 12:00 ET, reached a high of 5.25, and closed at 5.16 as of 2025-12-30 12:00 ET, with a low of 5.05. Total volume was 108,764.85, and notional turnover amounted to $556,542.65.
Structure & Formations
The price action displayed a bearish engulfing pattern at 5.25 around 04:00 ET, followed by an evening star formation as price failed to sustain above 5.22. These patterns suggested a potential reversal to the downside. Key support emerged at 5.15–5.16, which was tested multiple times before a final close below 5.17.
Moving Averages and Momentum
On the 5-minute chart, price traded above both 20 and 50-period SMAs for the latter half of the window, indicating short-term bullish momentum. The RSI peaked at 68, near overbought territory, but the MACD histogram showed a positive divergence, suggesting buying pressure may persist.
Bollinger Bands and Volatility
Volatility increased significantly after 04:00 ET, with price breaching the upper Bollinger Band and forming a sharp rally from 5.10 to 5.25. This expansion coincided with a volume spike, reinforcing the move’s legitimacy. By 08:00 ET, the bands had tightened again, hinting at a possible consolidation phase.
Volume and Turnover Dynamics
Volume surged notably after 04:00 ET, with the highest 5-minute candle at 5.25 showing a volume of 5,646.85 and turnover of $29,417. This suggests strong buying interest at the peak. However, as price declined, volume remained elevated, indicating a tug-of-war between bulls and bears.
Fibonacci Retracements
A 5.05–5.25 swing saw 5.16 align with the 38.2% Fib level, acting as a short-term support. A larger daily swing from 5.11 to 5.25 saw the 61.8% level at 5.18, which was briefly tested but failed to hold.
Over the next 24 hours, price may test the 5.15 support level again or attempt a bullish breakout above 5.22. Traders should be cautious of a potential pullback if volume declines or RSI moves below 40.
Comments
No comments yet