Market Overview for RedStone/Tether (REDUSDT)

Summary
• Price fell from 0.2574 to 0.247 after forming a bearish engulfing pattern near 0.256.
• Volatility expanded as price traded below the 20-period moving average on 5-minute chart.
• High volume observed during 0.256–0.248 breakdown, confirming bearish momentum.
• RSI dipped into oversold territory near 0.247–0.248, suggesting possible near-term bounce.
• Bollinger Bands widened during the 18:00–08:00 ET decline, signaling increased bearish pressure.

Market Overview

RedStone/Tether (REDUSDT) opened at 0.255 on 2026-01-17 12:00 ET, reaching a high of 0.2574 before closing at 0.247 as of 2026-01-18 12:00 ET. The 24-hour low was 0.247. Total volume reached 378,514.7, while notional turnover amounted to $94,966.35.

Structure & Formations

A bearish engulfing pattern emerged near 0.256 as the asset failed to hold above this level. The subsequent breakdown to 0.248 confirmed a key bearish shift. A doji formed near 0.250 after the decline, hinting at short-term indecision.

Moving Averages

On the 5-minute chart, the 20-period MA acted as resistance, failing to support price above 0.253. The 50-period MA confirmed downward momentum as price closed below it. Daily 50/100/200 MAs appear to be aligning lower, reinforcing the bearish trend.

Momentum and Volatility

RSI dropped into oversold territory near 0.247, indicating a potential short-term rebound. MACD remained bearish, with the histogram widening during the 18:00–08:00 ET decline. Bollinger Bands widened during the breakdown, reflecting heightened volatility.

Volume and Turnover

Volume spiked significantly during the 19:30–20:30 ET and 01:15–05:15 ET declines, confirming the bearish move. Turnover aligned with these volume surges, showing no divergence between price and volume.

Key Levels and Fibonacci

Support levels formed at 0.248, 0.247, and 0.246, with a potential test of 0.245–0.244 expected. Fibonacci retracement levels from the 0.256–0.247 move suggest 0.250 as a potential near-term resistance.

The price appears to have entered a lower range as momentum confirms the breakdown. A short-term bounce off oversold RSI could test 0.250, but bears may reassert if volume declines. Investors should remain cautious as volatility remains elevated, and a break below 0.247 could trigger further downside.