Summary
• Price declined from $0.00003959 to $0.00003908 with bearish momentum.
• Key support tested at $0.00003893 with volume confirmation.
• Volatility expanded in late trading, challenging key resistance.
• RSI and MACD suggest potential for short-term rebound.
• Bollinger Band contraction hints at possible reversal setup.
Terra Classic/Tether (LUNCUSDT) opened at $0.00003959, reached a high of $0.00003982, and closed at $0.00003908 after hitting a low of $0.00003852. The pair traded with a 24-hour volume of 9,331,199,224.97 and notional turnover of $359,305. The price action indicates a bearish consolidation toward key support levels, with a potential reversal in motion.
Structure & Formations
Price tested a key support level at $0.00003893 with confirmation via volume, suggesting it could hold in the near term. A potential bullish engulfing pattern appeared around 04:45–05:00 ET as price bounced off the session’s low. However, bearish pressure resumed afterward, forming a descending wedge pattern, which may resolve to the downside if broken.
Moving Averages
On the 5-minute chart, the 20-period and 50-period moving averages both trended lower, reinforcing the bearish bias. On the daily chart, the 50-period and 100-period lines were close, but the 200-period acted as a strong resistance below the recent high, suggesting limited upside potential in the near term.
MACD & RSI
MACD showed a bearish crossover in the afternoon session, with a negative histogram suggesting sustained bearish momentum. RSI dipped into oversold territory, signaling potential for a short-term bounce, but failed to break above 50, implying a lack of conviction in the upward direction.
Bollinger Bands
Volatility widened significantly after 04:00 ET as price pushed lower, breaking below the lower band. Price later retested the band with a partial rejection. A contraction in band width around 07:00–09:00 ET suggests a possible reversal setup, though it remains unconfirmed.
Volume & Turnover
Volume surged to over 1 billion in the early morning hours as price declined sharply. Turnover spiked to $359,305 during the same period, confirming the bearish move. Divergence between price and volume is not currently evident, suggesting that the bearish move is supported by conviction.
Fibonacci Retracements
A retracement of the 04:00–06:00 ET leg identified a 38.2% level at $0.00003897 and a 61.8% at $0.00003882. Price found support near the 61.8% level, suggesting that a continuation of the bearish trend may require a break below that level for confirmation.
The price may attempt to rebound near the 38.2% retracement level, but a breakdown below $0.00003882 could extend the bearish bias. Investors should remain cautious, as volatility remains elevated and any sharp move could trigger stop-loss activity.
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