Summary
• Storj/Tether fluctuated between $0.1131 and $0.1229, ending near the 20-period moving average.
• Price formed a bullish engulfing pattern near $0.1147, suggesting short-term buying interest.
• RSI hit 53, indicating moderate momentum with no immediate overbought or oversold signals.
• Volume spiked at $0.1199 with 834,644 turnover, indicating active accumulation.
• Bollinger Bands widened after 15:00 ET, signaling increased volatility and potential for a breakout.
Storj/Tether (STORJUSDT) opened at $0.1131, hit a high of $0.1229, and closed at $0.1183 at 12:00 ET. Total volume for the 24-hour window reached 3.3 million, with notional turnover at $834,644.
Structure & Formations
Price action showed a bearish pullback from $0.1229 to $0.1183, forming a potential descending triangle. A bullish engulfing candle emerged near $0.1147, suggesting short-term buyers may be stepping in. A 50-period moving average at $0.1154 appears to offer initial support, with a 20-period line closer at $0.1164. A 200-period daily MA at $0.1159 may act as a psychological floor.
MACD and RSI
The MACD crossed below the signal line near $0.1200, signaling a bearish crossover. RSI rose to 53, indicating balanced momentum but no overbought conditions. While RSI suggests moderate upward pressure, the MACD histogram indicates waning bullish momentum, suggesting traders may be consolidating ahead of a potential directional move.
Bollinger Bands
Volatility expanded in the afternoon as Bollinger Bands widened following the $0.1217 high.
Price closed near the middle band, suggesting a potential sideways consolidation phase. A break above the upper band would confirm a stronger bullish case, while a move below the lower band could trigger further selling.
Volume and Turnover
Volume and turnover spiked at $0.1199 with 834,644 in turnover, indicating accumulation activity. A divergence between price and volume was observed between $0.1196 and $0.1183, with declining volume on the pullback suggesting short-term support is holding.
Fibonacci Retracements
A 38.2% Fibonacci retracement level at $0.1174 appears to have been a key pivot point in the recent pullback. A 61.8% retracement at $0.1196 coincided with the last strong rally, suggesting this level is a potential area of interest for near-term buyers.
Market participants may watch the 50- and 200-period moving averages for directional clues as price fluctuates between key retracement levels. A break above $0.1200 could extend the bullish bias, while a decline below $0.1164 may test short-term confidence. Investors should remain cautious of increased volatility and potential breakouts in the next 24 hours.
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