Market Overview: ssv.network (SSVUSDT) – 24-Hour Technical Summary

• SSVUSDT declined from $11.59 to $10.43 before rebounding to close near $10.78, forming a bearish trend followed by a partial recovery.
• The 24-hour low at $10.43 marked a potential oversold RSI condition, which coincided with a sharp volume spike.
• A bullish engulfing pattern emerged at the end of the session, suggesting possible short-term buying interest.
• Bollinger Bands widened during the selloff, indicating increased volatility and a potential consolidation phase.
• Volume and turnover remained elevated during the decline but dropped during the rebound, signaling mixed conviction in the recovery.

Market Overview

ssv.network (SSVUSDT) opened at $11.58 at 12:00 ET - 1 and closed at $10.78 at 12:00 ET. The price reached a high of $11.59 and a low of $10.43 over the 24-hour period. Total volume was 296,990.83 SSV with a notional turnover of approximately $3.26 million.

Structure & Formations

The price action displayed a bearish bias early in the session, with a breakdown below key support at $11.20. A long bearish candle at $10.52 marked a potential 61.8% Fibonacci retracement of the earlier upswing. The final 15-minute candle showed a bullish engulfing pattern, indicating short-term buyers may be stepping in.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are bearishly aligned, with price below both. On the daily chart, the 50/100/200-period MAs are in a downtrend, reinforcing the bearish bias.

MACD & RSI

The RSI hit oversold levels near 30 during the selloff at $10.43, suggesting a potential bounce. The MACD crossed below the signal line early in the session, confirming bearish momentum. However, a potential divergence in the MACD histogram at the end of the session hints at a possible reversal.

Bollinger Bands

Bollinger Bands expanded during the selloff, with price reaching the lower band at $10.43. The rebound has brought price closer to the middle band, indicating a possible consolidation phase. A close above the upper band would suggest renewed bullish momentum.

Volume & Turnover

Volume surged during the selloff, with the largest 15-minute volume spike at $10.52 (volume: 32,725.64 SSV). However, volume during the rebound was relatively weak, indicating mixed conviction. Notional turnover rose in tandem with the price decline, reinforcing the bearish bias.

Fibonacci Retracements

The 61.8% Fibonacci level at $10.52 aligned with a key support area and was tested twice. A break below this level could target $10.29, while a retest above $10.78 may see a test of the 38.2% retracement at $11.07.

Forward-Looking View

SSVUSDT appears poised for a short-term bounce, supported by an oversold RSI and a bullish engulfing pattern. However, the bearish trend remains intact, and a break below $10.52 could extend the decline. Investors should remain cautious and watch for confirmation of a reversal or further downside.