Market Overview for THENA/Turkish Lira (THETRY)

Summary
• Price fluctuated between $8.57 and $9.00, forming a bullish engulfing pattern near $8.80–$9.00.
• RSI indicates overbought conditions near $9.00 and oversold near $8.55–$8.57, signaling potential reversals.
• Volume surged during the $8.80–$9.00 rally but sharply declined post-peak, raising momentum concerns.

THENA/Turkish Lira (THETRY) opened at $8.638 on 2025-12-27, hit a high of $9.00, and closed at $8.57 at 12:00 ET. The 24-hour trading range shows strong volatility, with a total volume of 1,953,595.2 and a notional turnover of $17,741,069.4.

Structure & Formations

A bullish engulfing pattern formed between 09:30 and 09:45 ET, as price surged from $8.80 to $9.00. Key resistance is now at $8.915, where price previously reversed. A bearish rejection from this level is evident, suggesting $8.80–$8.75 could become near-term support. The price may find a floor near $8.611, a prior multi-hour low.

Moving Averages and Momentum

On the 5-minute chart, price broke above the 50-period moving average during the $8.80–$9.00 rally but quickly closed below it. The 20-period line acted as a dynamic resistance after $8.80. RSI reached overbought levels near $9.00 and oversold near $8.57, signaling exhaustion in both directions. MACD showed a bearish crossover after the $9.00 peak, indicating weakening bullish momentum.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the $8.80–$9.00 move, indicating heightened volatility. Price broke above the upper band but closed below the midline, suggesting a re-test of the upper band may be a key event. A contraction in band width could indicate a potential reversal or consolidation phase.

Volume and Turnover

Volume spiked during the $8.80–$9.00 rally, with a record 669,141.1 units traded at 09:30–10:00 ET. However, turnover and volume declined sharply after $9.00, indicating weakening conviction. Price and turnover aligned well during the rally, but diverged during the $8.70–$8.57 drop, where high volume was not matched by price movement.

Fibonacci Retracements

Fibonacci levels highlight 61.8% retracement near $8.75 as key support from the $8.57 to $9.00 swing. A pullback to $8.75 could confirm a retest of $8.80. On the daily chart, a 38.2% retracement at $8.611 may offer near-term support if the trend continues lower.

Price appears to be consolidating after the sharp $9.00 peak, with $8.75 as a probable near-term target. A break below $8.611 could signal deeper weakness, while a retest of $8.80 may spark a short-term rally. Investors should watch for volume confirmation or divergence in the next 24 hours.