Market Overview for Phala Network/Tether (PHAUSDT)

Summary
• Price declined from 0.0389 to 0.0381, forming bearish engulfing patterns around 20:30 and 21:45 ET-1.
• MACD and RSI signal weakening bullish momentum, with RSI near oversold territory.
• Volatility expanded in the early morning, with volume surging to 517k and 649k during key selloffs.
• Price is consolidating near a 0.0383–0.0385 Bollinger Band contraction range.
• Fibonacci 61.8% level at 0.0384 may offer initial support.

The pair opened at 0.0389 on 2026-01-12 at 12:00 ET, reached a high of 0.0393, and closed at 0.0391 on 2026-01-13 at 12:00 ET, with a low of 0.0376. Total volume amounted to 6.96 million PHA, while turnover was $253.83 million.

Structure & Formations

Price action over the 24-hour period revealed a significant bearish shift, especially after a large engulfing candle at 20:30 ET-1, which signaled increased bearish pressure. A second large bearish candle at 21:45 ET-1 confirmed further weakness, bringing price to a 24-hour low near 0.0381. Price later found support around 0.0383–0.0385, which appears to be a narrow Bollinger Band contraction zone, suggesting potential for a rebound.

Moving Averages and Momentum

Short-term moving averages (20/50) on the 5-minute chart have dipped below key price levels, reinforcing the bearish bias. The daily RSI has approached oversold territory, hinting at potential near-term support. MACD lines have crossed into negative territory, and the histogram has been declining, indicating waning bullish momentum.

Volatility and Turnover

Volatility spiked during the early morning hours (ET-1), with a volume surge to 517,187 PHA at 20:45 and a later peak of 649,814 PHA at 13:45 ET. These large-volume moves coincided with sharp price swings, suggesting active participation by institutional or large retail traders. Notional turnover reached a high of $25.38 million during the 13:45 candle, aligning with price consolidation.

Fibonacci and Key Levels

Fibonacci retracement levels drawn from the 0.0393 high to 0.0376 low indicate potential support at 0.0384 (61.8%) and resistance at 0.0388 (38.2%). Price appears to be consolidating near the 61.8% level, which could offer a temporary floor. A break below 0.0383 would expose the 0.0379–0.0381 range as next support.

In the next 24 hours, a test of the 0.0383–0.0384 support zone could trigger a rebound, particularly if RSI shows signs of divergence. Traders should remain cautious of a breakdown below 0.0381, which could signal a broader bearish phase.