Market Overview: TSTUSDT Daily Price Action

Summary
• Price rose from 0.0169 to 0.0179 in the morning before retracing sharply.
• A large 5-minute bearish engulfing pattern emerged at 0.0182, signaling potential reversal.
• High turnover coincided with the 0.0182 sell-off, highlighting conviction in downward momentum.
• RSI dropped to 30 in the late afternoon, suggesting short-term oversold conditions.
• Volume surged during the morning rally but faded during the afternoon sell-off.

Test/Tether (TSTUSDT) opened at 0.0172 on 2026-01-05 12:00 ET and closed at 0.0179 by 2026-01-06 12:00 ET, with a high of 0.0187 and a low of 0.0169. Total volume for the 24-hour period was approximately 56,458,325 units, with notional turnover amounting to 980,795.87 USD.

Structure & Formations

Price advanced from a 24-hour low at 0.0169 in the early morning, forming a bullish wave up to 0.0187. A strong bearish engulfing candle emerged at 0.0182, suggesting a potential reversal after a sharp pullback. A key support level appears to have developed at 0.0178-0.0179, coinciding with a consolidation phase in the afternoon.

Moving Averages

On the 5-minute chart, the price broke above the 20-period and 50-period moving averages in the morning, confirming bullish momentum. However, during the afternoon sell-off, it fell below the 20-period MA, hinting at a potential shift in sentiment. Daily moving averages remain neutral to slightly bullish.

MACD & RSI

The MACD crossed below the signal line as the afternoon sell-off began, indicating bearish momentum. The RSI dropped into oversold territory (below 30) by late afternoon, suggesting a potential short-term bounce could be in the cards. However, a sustained rebound will depend on buying interest at key supports.

Bollinger Bands

Volatility expanded significantly during the morning rally, with price reaching the upper band. The sharp afternoon sell-off pulled price back toward the lower band, where it consolidated. This suggests that a breakout above the upper band could trigger further buying pressure, while a breakdown below the lower band could intensify the bearish bias.

Volume & Turnover

Volume surged during the morning rally, particularly around the 0.0176–0.0182 range, confirming the bullish thrust. However, volume tailed off during the afternoon sell-off, despite a large price drop, suggesting that sellers may be exhausting. Turnover diverged slightly from price during the final hours, which could indicate weakening conviction in the current move.

Fibonacci Retracements

Applying Fibonacci to the morning rally from 0.0169 to 0.0187, the afternoon pullback reached the 61.8% level (0.0177), with consolidation forming near the 50% level (0.0178). A retest of the 38.2% retracement at ~0.0180 could indicate whether bulls can regain control.

Price could test support at 0.0175 in the next 24 hours, with a break below that level potentially targeting 0.0170. Traders should remain cautious about the bearish engulfing pattern and the exhaustion seen in afternoon volume, while watching for potential short-covering near key Fib levels.