Market Overview for Polymesh/Turkish Lira

Summary
• Price formed a bearish engulfing pattern at 2.12 and tested support at 1.95–1.97.
• Momentum shifted from bearish to mixed, with RSI near 50 and no overbought/oversold extremes.
• Volatility dipped during consolidation but spiked during the 1.97–2.01 rebound.
• High-volume range at 1.97–2.02 confirmed key liquidity zones.
• Bollinger Bands showed recent contraction before a 2.0–2.02 breakout in early morning ET.

Market Overview

Polymesh/Turkish Lira (POLYXTRY) opened at 2.09, reached a high of 2.12, fell to a low of 1.95, and closed at 2.03 by 12:00 ET. Total volume over the past 24 hours was 176,288.8, with notional turnover reflecting significant trading activity around key levels.

Structure & Formations

Early in the session, a bearish engulfing pattern formed at 2.12, signaling potential downward momentum. This was followed by a sharp drop to 1.97, where a consolidation phase began. The 1.95–1.97 range became a critical support level, later rebounding to 2.01–2.04 as buyers stepped in during the overnight session. A small bullish engulfing pattern at 2.0–2.03 suggested short-term buying interest.

Moving Averages

On the 5-minute chart, the 20-period MA (2.01) and 50-period MA (2.00) crossed to form a potential bullish bias. Daily MAs, however, remain neutral to slightly bearish, reflecting a lack of strong directional momentum.

MACD & RSI

The 5-minute MACD crossed into positive territory in the morning, confirming the upward move from 1.97 to 2.03. RSI moved toward the 50–55 range, indicating a lack of overbought or oversold conditions. This suggests a period of equilibrium, with traders awaiting a breakout.

Bollinger Bands

Bollinger Bands contracted during the consolidation phase around 1.97–2.02, followed by a breakout that saw price move into the upper band during the 2.0–2.04 recovery. The expansion indicates increased volatility and potential for further movement.

Volume & Turnover

High-volume bars were concentrated between 1.97–2.02, confirming key liquidity zones.

The sharp decline in volume during the consolidation phase was followed by a significant increase during the 2.0–2.04 rebound. Turnover aligned with price action, showing strong buying pressure during the overnight recovery.

Fibonacci Retracements

Key retracement levels from the 1.95–2.12 swing suggest a 61.8% level at 2.01, closely aligning with the recent price action. This level appears to have provided strong support, potentially setting the stage for further upward movement.

In the next 24 hours, traders may watch for a potential breakout above 2.04, which could trigger a larger bullish move. However, caution is warranted in case of a pullback toward 2.01–2.00, which may test the strength of recent buyers.