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Summary
• Price action shows bearish momentum from a key resistance zone, with a potential breakdown in progress.
• Volatility has expanded, with price hovering near the lower Bollinger Band and RSI indicating oversold conditions.
• Volume is unevenly distributed, showing higher activity in the afternoon ET with a divergence in turnover during the downward phase.
Sophon/Tether (SOPHUSDT) opened at 0.01592, reached a high of 0.01614, and a low of 0.01543 before closing at 0.01545 as of 12:00 ET. Total volume over the 24-hour window was 31,938,985.0, with notional turnover at $515,222.
Structure & Formations
Price tested a key resistance level near 0.0161, but failed to hold it, resulting in a bearish breakdown. A series of lower highs and lower closes suggest a descending trendline is forming. Notable bearish patterns include a dark cloud cover at the 18:30 ET time frame and a potential bearish engulfing pattern near the 22:00 ET low.
Indicators
The 5-minute 20 and 50-period moving averages are both bearish, with the 50 SMA acting as dynamic resistance. The MACD is negative with bearish divergence in the second half of the day.

Volatility & Bands
Bollinger Bands have widened, signaling increased volatility. Price is currently near the lower band at 0.01543, suggesting it may be overextended to the downside. A retest of the mid-band at 0.0156 could be imminent if there is a pullback.
Volume & Turnover
Volume spiked during the breakdown in the 19:30–20:30 ET window, confirming the bearish move. However, turnover has declined during the subsequent pullback, which may indicate reduced conviction in the downtrend. Divergence in volume during the final leg suggests a possible short-term reversal or consolidation.
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Fibonacci Retracements
On the 5-minute chart, the 0.0161–0.01543 move places key support at 0.01568 (38.2%) and 0.01553 (61.8%). Price has tested the 61.8% level and is consolidating just below it. A break below 0.01543 may target 0.01532 on the 24-hour chart.
Looking ahead, SOPHUSDT may find near-term support around 0.01545–0.0155 and could retest that level in the next 24 hours. However, traders should remain cautious, as a break below 0.0154 could accelerate the downtrend and trigger larger stops.
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