Market Overview: THENA/Turkish Lira (THETRY)

Summary
• Price surged from $7.721 to $7.854, forming a bullish engulfing pattern near $7.73.
• High volume spikes ($41,000–$100,000) confirmed strength near key resistance.
• Volatility expanded, with prices breaching Bollinger Bands upper at 09:45–10:00 ET.
• RSI crossed overbought, suggesting potential pullback risk.

THENA/Turkish Lira (THETRY) opened at $7.721 and reached a 24-hour high of $7.854 before closing at $7.827. Total volume was 293,916.6, and turnover amounted to $2,292,349. Price action featured a breakout from a consolidation range, with confirmation from strong volume and momentum.

Structure & Formations

Key support was identified near $7.712, where the price found a floor multiple times, and resistance emerged at $7.836, which was tested and briefly breached. A bullish engulfing pattern formed at 17:30 ET, indicating a shift in sentiment. A doji appeared at $7.756, signaling indecision.

Moving Averages

On the 5-minute chart, the 20-period MA showed a strong upward bias, crossing above the 50-period MA. Daily chart 50/100/200 EMAs were trending higher, aligning with the recent bullish breakout.

MACD & RSI

MACD crossed into the positive territory at 00:30 ET, confirming the upward thrust. RSI surged into overbought territory, peaking at 75, which may indicate a short-term profit-taking pause.

Bollinger Bands

Volatility expanded significantly during the late ET hours, with the price breaking out above the upper band at $7.84–$7.85, indicating aggressive buying pressure.

Volume & Turnover

Volume spiked at 00:30 ET and again at 09:30 ET, both times coinciding with major price surges. Turnover confirmed the strength of the move, with large notional value traded at $7.836–$7.84. No significant price-volume divergence was noted.

Fibonacci Retracements

A 61.8% retracement level was reached at $7.83, which briefly stalled the upward move before price resumed higher. This level appears to have acted as a pivot point.

Looking ahead, a consolidation phase or a minor pullback to test $7.78–$7.79 is possible before resuming the upward trend. Investors should remain cautious about potential overbought conditions and watch for signs of profit-taking.