Summary
• Price tested 20-period SMA on the 5-minute chart, failing to break above.
• MACD showed bearish crossover with RSI hinting at oversold territory.
• Volume remained subdued, with no notable divergence from price.
• Bollinger Bands narrowed midday, suggesting potential for near-term volatility.
At 12:00 ET–1, Raydium/Tether (RAYUSDT) opened at $0.0987, reached a high of $0.1011, a low of $0.0976, and closed at $0.0992 at 12:00 ET. The 24-hour volume stood at 485,200,000 RAY, with a notional turnover of $47.9 million.
Structure & Formations
Price action on the 5-minute chart displayed a bearish engulfing pattern near the $0.1011 level, followed by a failed retest of a prior support at $0.0985. A key support appears to have formed at $0.0976, coinciding with the 61.8% Fibonacci retracement of the morning's upward swing.
Moving Averages and Momentum
The 20-period and 50-period SMAs on the 5-minute chart converged near $0.0998, offering a short-term resistance. The MACD crossed into negative territory, while RSI dipped below 30, indicating a potential oversold condition. However, the lack of follow-through suggests the bearish momentum may not be strong.
Volatility and Volume
Bollinger Bands contracted during the early afternoon, a sign of low volatility that may precede a breakout. Volume remained steady throughout the day, with no sharp spikes suggesting limited participation or conviction in either direction.
Forward Outlook and Risk
Looking ahead, a retest of the $0.0976 level could trigger further downward movement if bearish sentiment persists. Traders may watch for a bullish reversal pattern near that support, while a break above $0.1011 could signal a shift in short-term sentiment. Investors should remain cautious as volatility remains constrained, and a breakout in either direction could come with heightened risk.
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