Market Overview: TUTUSDC Enters Oversold Territory Amid Extended Downtrend

Summary
• Price action shows a bearish trend from 0.0177 to 0.01667 with no sign of reversal.
• Volume and turnover spiked mid-day, confirming downward momentum.
• RSI near oversold territory at 24.3, suggesting potential for a short-term bounce.
• A large bearish engulfing pattern formed at 0.01761–0.01756, signaling continued selling pressure.
• Bollinger Bands have contracted recently, indicating possible volatility expansion.

Tutorial/USDC opened at 0.0177 at 12:00 ET − 1 and traded between 0.01779 and 0.0166 as of 12:00 ET. The pair closed at 0.01667, down 6.2% over 24 hours. Total volume reached 29.6 million, with turnover of 519,700 USDC.

Structure and Key Levels

Price has been in a descending channel since the early morning, with key support levels forming around 0.0168 and 0.01667. A bearish engulfing pattern at 0.01761–0.01756 signaled increased bear momentum.

Momentum and Indicators

The RSI has dipped to 24.3, nearing oversold territory, which could prompt a short-term rebound. However, the MACD remains in negative territory with a bearish crossover, reinforcing downside bias.

Volatility and Volume

Bollinger Bands have recently narrowed, indicating a period of consolidation ahead of a possible breakout. Volume spiked mid-day during the breakdown from 0.0176 to 0.0175, validating the move lower.

Forward Outlook

Prices may test the 0.0166 support level over the next 24 hours, with a possible bounce if RSI triggers a short-term reversal. However, the broader bearish structure remains intact, and a break below 0.0166 could extend the decline further. Investors should monitor volume and RSI divergence for early reversal signals.