Summary
• Price declined from 0.1283 to 0.1237, breaking below key support.
• High volume at 0.1246–0.1222 signals aggressive bearish momentum.
• RSI and MACD both indicate oversold conditions and possible short-term bounce.
• Volatility expanded significantly as Bollinger Bands widened.
• A potential bullish reversal pattern emerged near 0.1222–0.1224.
Storj/Tether (STORJUSDT) opened at 0.1283 and fell to a low of 0.1222 before closing at 0.1237. Total 24-hour volume was 2.39 million with turnover of $298,632. Price action suggests a key breakdown and possible reversal at the lower end of the range.
Structure & Formations
The price moved decisively lower, breaking below the 0.125 support level, with a notable bearish breakdown in the 0.1246–0.1222 range. A potential bullish reversal pattern formed near 0.1222–0.1224, supported by a 5-minute bullish engulfing pattern and a volume spike at the lows.
Moving Averages
Short-term 5-minute moving averages (20/50) are aligned bearish, with price well below both. Daily moving averages (50/100/200) confirm the downward trend, with STORJUSDT trading below all three, signaling medium-term bearish bias.
MACD & RSI
MACD shows bearish divergence but is approaching oversold territory. RSI is below 30, indicating potential for a short-term bounce, though sustained momentum remains bearish.
Bollinger Bands
Volatility expanded as the Bollinger Bands widened over the past 24 hours, with price currently trading near the lower band. This suggests a possible rebound or consolidation in the near term.
Volume & Turnover
Volume spiked during the bearish breakdown in the 0.1246–0.1222 range, confirming the move. Turnover also increased significantly during this period, aligning with price action and suggesting strong conviction from sellers.
Fibonacci Retracements
Key Fibonacci levels on the recent 5-minute swing include 0.1253 (38.2%) and 0.1245 (61.8%). The 61.8% level appears to have failed as resistance-turned-support, with price finding a potential floor near 0.1222.
The price may find short-term support near 0.1222–0.1224, with a potential bounce into 0.1235–0.1240. Traders should remain cautious of the broader bearish trend, which could see renewed selling if momentum fails to reverse.
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