Market Overview: Somnia/Tether (SOMIUSDT) - 24-Hour Technical Snapshot

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• Price dipped 2.3% over 24 hours, closing at 1.2398 after testing key resistance levels and forming bearish reversal patterns.
• High volatility seen between 1.28–1.22, with Bollinger Bands widening as price swung beyond 38.2% Fibonacci retracement.
• Volume surged past 10 million at 15:15 ET, but failed to confirm bullish price action, suggesting bearish divergence.
• RSI signaled oversold conditions near 30 during the late ET selloff, hinting at potential short-term bounce.

Somnia/Tether (SOMIUSDT) opened at 1.2445 on 2025-09-18 at 12:00 ET, reached a high of 1.2913, a low of 1.2202, and closed at 1.2398 on 2025-09-19 at 12:00 ET. The pair recorded a total volume of 44,347,069 and a notional turnover of $54.65 million over the 24-hour period. Price action was defined by a sharp midday sell-off and a gradual recovery in the early morning, with mixed bearish and bullish signals across technical indicators.

Structure & Formations
The candlestick pattern was dominated by bearish dominance, with a key bearish engulfing pattern forming around 23:45 ET after a 15-minute rally to 1.2824 failed to hold. The price later formed a deep bearish candle at 05:15 ET, printing a low of 1.2255 amid rising volume. On the flip side, a bullish recovery occurred between 22:30 and 23:00 ET, forming a potential bullish continuation pattern. Critical support levels emerged at 1.2300, with resistance at 1.2500 and 1.2635 offering key psychological levels.

Moving Averages
Short-term averages (20 and 50-period on 15-min chart) dipped below price levels in the early morning, confirming bearish momentum. Daily 50/100/200-period MA showed a flattening trend, suggesting exhaustion in the long-term bearish move. While the 20-period MA crossed below the 50-period (death cross), it remains above the 100-period MA, indicating mixed signals for medium-term direction.

MACD & RSI
The MACD crossed into negative territory after 03:00 ET, with a bearish divergence between price and indicator momentum. RSI dipped to 30 at 05:15 ET, indicating oversold conditions, though it failed to trigger a strong rebound. The stochastic RSI showed a bearish signal during the selloff, reinforcing the bearish bias. Momentum appears to have reached a turning point, which could lead to a short-term bounce or continuation of the downtrend.

Bollinger Bands
Volatility expanded significantly during the midday to late-night selloff, with price hitting the lower band at 1.2255. The band contraction was evident earlier in the morning before the breakout, suggesting a potential reversal. Currently, price remains near the lower Bollinger Band, indicating an overextended bearish move that may trigger a mean reversion.

Volume & Turnover
Volume surged past 10 million at 15:15 ET as the price dropped below 1.24, but price failed to recover despite high liquidity. A divergence between volume and price emerged as turnover spiked without a corresponding rebound in price, suggesting bearish conviction. The largest single-candle volume (11.1 million) occurred during a strong bearish move, reinforcing the likelihood of continued pressure.

Fibonacci Retracements
Applying the Fibonacci tool to the major swing from 1.2202 to 1.2913, the key levels are 38.2% at 1.2611 and 61.8% at 1.2388. Price is currently testing the 61.8% retracement level, which may act as a support or trigger a bounce. On the 15-minute chart, minor Fibonacci levels at 1.2450 and 1.2500 also provided resistance during the morning rally.

Looking ahead, traders should monitor the 1.2300 level for a potential oversold bounce or a breakdown into the 1.2166 level seen earlier. While short-term indicators suggest a possible recovery, the broader bearish bias remains intact. Position size and stop-loss placement should be carefully considered as volatility remains elevated.