Market Overview: Starknet/Tether (STRKUSDT) Faces 24-Hour Downtrend Amid Volatility Surge

Summary
• Price dropped from 0.0882 to 0.0827, forming bearish engulfing patterns during key pullbacks.
• RSI hit oversold territory below 30, suggesting potential for near-term bounce.
• Bollinger Bands contracted in early session, later expanding as volatility surged.
• Turnover spiked during 03:45–04:45 ET, aligning with sharp bearish moves.
• Volume surged 5.5x during the 21:00–22:00 ET bearish breakdown phase.

Starknet/Tether (STRKUSDT) opened at 0.0873 on 2026-01-07 12:00 ET, reached a high of 0.0882, and closed at 0.0830 by 12:00 ET on 2026-01-08. Total volume was 109.5 million, with $9.14 million in turnover.

Structure & Moving Averages

On the 5-minute chart, key resistance at 0.0882 failed to hold, with price breaking down to 0.0825–0.0828 as support. The 20-period and 50-period moving averages showed a bearish crossover during the afternoon decline, reinforcing the downward bias.

Momentum & Volatility

The RSI hit 29 near the close, signaling oversold conditions and a possible near-term reversal. Bollinger Bands showed a brief contraction in the early hours before expanding, with price trading near the lower band through the session.

Volume & Turnover Analysis

Volume surged sharply between 03:45 and 05:45 ET during the key breakdown to 0.0830 and remained elevated during the 21:00–22:00 ET bearish move. Turnover also spiked during these periods, confirming the bearish action.

Fibonacci Retracements

From the 0.0882 peak to the 0.0825 low, the 61.8% Fibonacci level at ~0.0848 appears to act as a potential near-term resistance. A rebound from this level may signal a test of the 50% retracement at ~0.0856.

The market appears to be consolidating near 0.0830, with key support at 0.0825–0.0828. A break below this level may trigger further downside. Investors should remain cautious as the market could test oversold levels again.