Summary
• Price formed key support near 0.002755 and tested resistance at 0.002815 on 5-min chart.
• RSI suggests oversold conditions at 0.002755 but lacks bullish follow-through.
• Volume surged above average during 0.00284–0.002886 rally, confirming strength in that range.
• Price action showed bearish divergence in late session after hitting 0.002886 high.
• Volatility expanded significantly in final hours, with Bollinger Bands widening.
At 12:00 ET-1, Reserve Rights/Tether (RSRUSDT) opened at 0.002754 and reached a 24-hour high of 0.002886, before settling at 0.002878 at 12:00 ET. The pair traded between 0.002747 and 0.002886, with total volume of 152,536,732.1 and turnover of 424,781.96.
Structure & Formations
Price found immediate support at 0.002755 after breaking below the 0.002765–0.002775 range, forming a bearish engulfing pattern on the 5-minute chart. A subsequent rebound from 0.002755 was confirmed by a bullish reversal candle but lacked sustained follow-through. Resistance is seen at 0.002811 and 0.002842, with a major breakout above 0.002866 potentially leading to a test of 0.002886.
Moving Averages
On the 5-minute chart, price closed near the 20-period MA and above the 50-period MA, suggesting short-term strength. However, the 20 MA is trending downward, which could indicate weakening momentum. On the daily chart, the 50 and 100-period MAs are converging, with price near the 50 MA. A break below the 200 MA could signal a deeper correction.
Momentum and Indicators
The RSI bottomed near 30 at 0.002755, indicating oversold conditions, but failed to close above the 50 level. This suggests a lack of conviction in the rebound. The MACD crossed zero positively during the 0.00284–0.002886 move, confirming bullish momentum, but has since diverged.
Volatility and Volume
Volatility increased significantly in the final hours of the session, with Bollinger Bands widening to reflect the heightened uncertainty. Volume spiked during the 0.00284–0.002886 rally but fell off during the subsequent pullback, suggesting potential exhaustion at the high.
Bullish and Bearish Scenarios
A bullish scenario requires a close above 0.002866 to validate the breakout and retest 0.002886. A failure to hold above 0.002811 may trigger a retest of 0.002755, with further downside risk to 0.002731 if the 38.2% Fibonacci level fails.
Looking ahead, traders should watch for confirmation or rejection at key Fibonacci and moving average levels. While the recent rally has shown strength, bearish divergence in the final session suggests caution. Investors may see increased volatility in the next 24 hours, with risks skewed to the downside if key support breaks.
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