Summary
• Price broke below key support at 0.1340, with bearish engulfing patterns confirming downside bias.
• RSI entered oversold territory near 25, suggesting short-term potential for a rebound.
• Volatility expanded through late-night selling, with volume spiking above 800k on the final 5-minute bar.
• Bollinger Bands widened past 0.1315, indicating heightened uncertainty in price direction.
• Fibonacci levels at 0.1324 and 0.1310 appear to act as temporary buyers' zones.
Price and Volume Summary
Storj/Tether (STORJUSDT) opened at 0.1352 at 12:00 ET-1, reaching a high of 0.1379 and a low of 0.1282 before closing at 0.1286 at 12:00 ET. Total volume for the 24-hour period reached 7,908,060, with notional turnover of $1,043,598.
Structure and Momentum
The price formed a bearish breakout through the 0.1340 support level, confirmed by several engulfing patterns in the late-night and early-morning sessions. This was followed by a sharp drop to 0.1294, with no immediate sign of a reversal. The RSI indicator reached oversold levels near 25, suggesting a potential for a short-term bounce, though momentum remains decisively bearish.
Volatility and Bollinger Bands
Bollinger Bands reflected increased volatility, particularly after 01:00 ET, with price hitting the lower band at 0.1282. This expansion signals heightened uncertainty and potential for further consolidation or a test of the 0.1280 level.
Volume and Turnover
Volume surged past 800,000 on the final 5-minute candle, aligning with the price drop to 0.1286. Turnover remained consistent with volume, suggesting no divergence. The increased selling pressure appears to be from larger participants, likely reacting to broader market sentiment.
Fibonacci and Key Levels
Fibonacci retracements on the 5-minute chart indicate key levels at 0.1324 (38.2%) and 0.1310 (61.8%) as potential near-term support zones. These levels may act as psychological barriers for buyers seeking to re-enter the pair.
While a short-term rebound could occur from current oversold conditions, the overall trend appears bearish, and traders should monitor for a potential test of 0.1280. Price action near Fibonacci levels may provide clarity on the path forward, though heightened volatility increases the risk of sharp moves in either direction.
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