Summary
• Price formed a bullish engulfing pattern near key support.
• RSI indicated overbought conditions late in the session.
• Volume surged during the final 2 hours, confirming a breakout attempt.
• Price remained within Bollinger Bands, suggesting moderate volatility.
• 50-period moving average on the 5-minute chart crossed above price, signaling short-term momentum.
Market Overview
POL/Tether (POLUSDT) opened at $0.848, reached a high of $0.869, touched a low of $0.834, and closed at $0.861 in the 24-hour period. Total volume amounted to 2.15 billion POL, with notional turnover of $1.86 billion.
Structure & Formations
A bullish engulfing pattern emerged near the $0.845 support level, suggesting a reversal of downward pressure. A key resistance area appears to be forming around $0.868, with recent candlestick bodies showing elongated wicks on the upper side.
Moving Averages
The 50-period moving average on the 5-minute chart crossed above price in the final hours, indicating a short-term bullish bias. The daily 50/100/200 EMA cluster remains aligned in a bullish configuration, supporting the longer-term uptrend.
MACD & RSI
The MACD line crossed above the signal line, reinforcing momentum. RSI reached overbought territory during the final hour, suggesting potential for a near-term pullback or consolidation phase.
Bollinger Bands
Price remained within the Bollinger Bands for most of the session, indicating moderate volatility. A narrowing of the bands was observed earlier in the day, hinting at a potential breakout.
Volume & Turnover
Volume spiked sharply in the final 2 hours, aligning with the price break above $0.860. Notional turnover also increased, confirming the strength of the move. A divergence between price and turnover was not observed during the session.
Fibonacci Retracements
The 61.8% Fibonacci retracement level from the recent 5-minute swing coincided with the $0.859 price zone, which was successfully tested and held. On the daily chart, the 38.2% level appears to act as a dynamic support.
Looking ahead, POL/Tether may continue to test key resistance levels, with a potential pullback into the $0.845–$0.850 range. Traders should remain cautious as overbought conditions could trigger a short-term correction.
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