Summary
• Price broke above 5.39, forming a bullish engulfing pattern near 5.37.
• RSI signaled overbought conditions late in the session, while MACD diverged.
• Volume spiked sharply during the 14:15–15:30 ET window, driving price higher.
• Bollinger Bands expanded, suggesting increased volatility and a breakout attempt.
• Fibonacci retracements hint at 5.45 as a potential short-term resistance level.
24-Hour Price and Volume Snapshot
The OFFICIAL TRUMP/Tether (TRUMPUSDT) pair opened at 5.36 on January 16 at 12:00 ET, rose to a high of 5.468, fell to a low of 5.332, and closed at 5.401 on January 17 at 12:00 ET. Total 24-hour volume was 659,443.38 units, with a notional turnover of approximately $3.49 million.
Structure & Formations
Price action displayed a strong bullish engulfing pattern from 16:30 to 17:00 ET, confirming a reversal from prior bearish pressure. A key support level emerged at 5.37, reinforced by multiple bounces and a doji formation. Resistance appears to be forming at 5.424–5.453, where price stalled during the afternoon.
Moving Averages and Momentum
On the 5-minute chart, the 20-period and 50-period moving averages aligned bullish, with price above both. The daily 50- and 100-period MAs crossed above the 200-period line, suggesting a long-term upward bias. However, RSI reached overbought levels near 75, and MACD showed divergence during the late session, signaling potential near-term pullback.
Volatility and Fibonacci Levels
Bollinger Bands expanded significantly as price surged toward 5.453, indicating heightened volatility. The move from 5.332 to 5.468 aligns with Fibonacci levels, with 5.453 near the 61.8% retracement and 5.424 near the 50% level. These levels may serve as critical decision points in the next 24 hours.
Volume and Turnover Divergences
Volume and turnover surged during the afternoon hours, particularly between 14:15 and 15:30 ET, coinciding with the 5.404–5.468 rally. Price and turnover aligned, indicating genuine buying interest. However, a divergence appeared in the late session, where price dipped slightly while turnover remained elevated, hinting at profit-taking.
Price appears to be testing key resistance near 5.45–5.468 and may consolidate in the 5.40–5.45 range ahead of a potential breakout. Traders should monitor the 5.40 level as a near-term support and 5.468 as a potential target, while being cautious of a pullback if RSI remains overbought.
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