Summary
• Price tested key support near $0.4970 and found temporary stability.
• Volume surged during the overnight sell-off, hinting at increased bearish pressure.
• RSI remains in oversold territory, suggesting potential for a short-term rebound.
• Bollinger Bands tightened before a sharp drop, signaling elevated volatility ahead.
• A bullish engulfing pattern formed at the 12:00 ET close, offering early reversal hints.
At 12:00 ET–1, Tezos/Tether (XTZUSDT) opened at $0.5027, reached a high of $0.5114, and fell to a low of $0.4795 before closing at $0.4995 at 12:00 ET. The 24-hour volume was 2,283,349.1, with a notional turnover of $1,140,126.70.
Structure & Formations
Price action showed a strong bearish breakdown from a prior consolidation range, with a key support zone forming around $0.4970–0.4990. A bullish engulfing pattern emerged near the end of the session, indicating possible short-term buying interest. A doji at $0.4995 further highlights indecision.
Moving Averages
On the 5-minute chart, price closed below the 20- and 50-period SMAs, confirming short-term bearish momentum. The 50-period SMA sits near $0.4997, suggesting a potential pivot point for the next 24 hours. On the daily chart, price remains below all major moving averages.
MACD & RSI
MACD turned negative and crossed below its signal line during the session, supporting bearish continuation. RSI fell into oversold territory, hitting levels below 30, suggesting a possible bounce but without confirmation of trend reversal.
Bollinger Bands
Volatility expanded sharply in the final hours of the 24-hour window as price broke below the lower band. The contraction earlier in the session indicated a lull in trading activity, followed by a rapid expansion and sell-off. Price may test the lower band again in the near term.
Volume & Turnover
Volume spiked during the late-night to early morning sell-off, aligning with price declines. Turnover surged during this period as well, confirming bearish sentiment. However, volume in the final hour began to normalize, suggesting waning pressure on the downside.
Fibonacci Retracements
On the 5-minute chart, price reached a 61.8% retracement of the recent bullish swing near $0.4985 before pulling back. Daily Fibonacci levels show the 50% retracement of the larger bearish move is near $0.4950, which could serve as a short-term floor.
XTZUSDT appears poised to test key support levels before any meaningful recovery, with RSI and volume patterns hinting at potential for a short-term bounce. However, bearish momentum remains intact, and a break below $0.4950 could trigger further downside, with risks skewed to the downside in the near term.
Comments
No comments yet