• Price formed a bearish reversal pattern near the 0.0956 resistance level.
• Volatility expanded during the early hours before a sharp pullback into oversold territory.
• MACD showed bearish divergence as RSI approached 30, indicating potential short-term buying interest.
• Volume surged in the 0.0914–0.0956 range, suggesting accumulation near key support levels.
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At 12:00 ET on July 16, SXTUSDT opened at 0.0934 and reached a high of 0.0956 before closing at 0.0912 by 12:00 ET on July 17. The pair traded between 0.0912 and 0.0956 over the 24-hour period. Total volume was 19,325,472.1, and notional turnover was approximately $1,724,430.
Structure & Formations
The price action formed a key bearish reversal pattern at the 0.0956 level, where a bullish candle was followed by a bearish engulfing pattern. This level appears to have acted as a psychological resistance, with a sharp breakdown occurring after failed attempts to retest it. A strong bearish gap formed in the early morning hours, reinforcing bearish sentiment. On the Fibonacci scale, the 0.0912–0.0956 swing shows the price consolidating near the 61.8% retracement level, which may act as a near-term support.
Moving Averages
On the 15-minute chart, the price broke below both the 20-period and 50-period moving averages, confirming a short-term bearish bias. On the daily timeframe, the 50-period MA currently resides above the 100-period and 200-period MAs, suggesting a more neutral to slightly bearish bias in the broader context.
MACD & RSI
The MACD line crossed below the signal line in the morning hours, signaling a bearish crossover. RSI dipped into oversold territory near 30, suggesting potential for a short-term rebound. However, the divergence between rising price and falling MACD suggests caution, as momentum may not be fully aligned with price action.
Bollinger Bands
Volatility expanded significantly during the early morning hours, with the Bollinger Bands widening in response to the sharp sell-off. Price closed near the lower band, indicating a possible oversold condition. A reversal from this level could trigger a short-term bounce, but a break below the 0.0912 level may lead to further downside.
Volume & Turnover
Volume spiked during the 0.0914–0.0956 range, with a peak of 1.9 million volume at 0.0914–0.0920. This suggests accumulation or distribution activity around key support levels. Turnover also increased during the sell-off, confirming bearish conviction. No major divergence between volume and price was observed, indicating that price moves were supported by underlying liquidity.
Looking ahead, SXTUSDT may test the 0.0912 level in the coming 24 hours, with a break below this level potentially leading to a test of the next support at 0.0906. However, given the RSI's oversold reading and the accumulation near 0.0914, a short-term rebound into the 0.0918–0.0922 range is possible. Investors should remain cautious of a breakdown, which could trigger further downside.
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