Market Overview for Plume/Turkish Lira (PLUMETRY) – October 29, 2025

• PLUMETRY dropped to a 24-hour low of 2.759 before rebounding, forming a bearish reversal pattern.
• Price tested and bounced off multiple Fibonacci levels, with 2.85–2.90 key support/resistance clusters.
• Volume surged during the sharp selloff, but recent buying appears weaker despite price recovery.
• RSI entered oversold territory, suggesting potential near-term bounce, while MACD remained bearish.
• Volatility spiked during the drop, but Bollinger Bands show contraction suggesting potential range-bound trading ahead.

24-Hour Summary

Plume/Turkish Lira (PLUMETRY) opened at 3.036 on October 28 at 12:00 ET, reached a high of 3.046, and fell to a low of 2.759 before closing at 2.907 on October 29 at 12:00 ET. Total volume over the 24-hour window was approximately 2,374,660 units, with a notional turnover of $6,839,741.46 (assuming an average price of ~2.88). Price action was dominated by a sharp selloff beginning at 16:00 ET October 28 and a subsequent partial recovery.

Structure & Formations

Price movement was driven by a large bearish engulfing pattern around 19:30–20:15 ET, which confirmed a shift in momentum to the downside. A key support level emerged at 2.759, where price halted the decline and reversed. On the rebound, a bullish engulfing pattern formed around 05:30–06:15 ET, but it lacked volume confirmation. The 2.85–2.90 range appears to be a critical consolidation zone, with multiple swing highs and lows converging in this area. A doji formed near 2.907, signaling indecision and potential exhaustion on the upside.

Moving Averages and Volatility

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below the price, reinforcing the bearish bias. Volatility, as measured by Bollinger Bands, expanded during the selloff and has since begun to contract, suggesting the potential for a range-bound phase. Price currently sits near the upper band of the contracting bands, which could indicate a potential pullback if buyers fail to follow through.

Momentum and Overbought/Oversold Conditions

The RSI reached oversold territory (below 30) during the selloff, which typically signals potential for a short-term rebound. However, the MACD remained negative with a bearish crossover, suggesting that the bearish momentum remains intact. The divergence between RSI and MACD indicates that while price may see a bounce, the broader trend remains bearish.

Volume and Turnover

Volume surged during the sharp selloff from 16:00–20:30 ET, with the largest 15-minute bar (at 20:30 ET) recording over 1.6 million units traded. However, volume on the subsequent recovery has been weak, which suggests a lack of conviction in the bullish reversal. Turnover also declined during the bounce, indicating that the buying pressure is not yet strong enough to challenge the bearish trend.

Fibonacci Retracements

Recent swings have seen price bounce from the 61.8% Fibonacci level (2.759) and struggle to break above the 38.2% level (2.907). These levels are currently acting as both technical support and psychological barriers. A break above 2.907 could trigger a retest of 2.92–2.93, while a breakdown below 2.759 could accelerate the move to 2.65–2.68.

Backtest Hypothesis

To assess the impact of the selloff on investor behavior, a backtest could examine price action from the first intraday low of 2.759 (at 20:30 ET October 28) as the event trigger. This would allow for analysis of how the asset responded to a key support level being tested and whether the subsequent rebound was a temporary bounce or a new trend. Using a 15-minute OHLC dataset, the backtest could evaluate whether a long entry on the close above 2.759, with a stop below 2.750, would have yielded a profitable trade. Historical volatility, RSI readings, and volume patterns around this event could also refine the strategy's robustness.