Summary
• VANAUSDC declined sharply from $2.84 to $2.73 amid increased bearish momentum.
• RSI reached oversold territory, hinting at potential short-term bounce.
• Volume surged in early ET hours before tapering, with no clear reversal patterns formed.
• Key support appears at $2.73-2.74, with resistance near $2.78-2.80.
• Volatility remained elevated, with price trading below 50-period moving averages.
Vana/USDC (VANAUSDC) opened at $2.84 at 12:00 ET − 1, reached a high of $2.859 and a low of $2.72 before closing at $2.725 at 12:00 ET. Total 24-hour volume was 23,446.41, and turnover reached $65,957.71.
Structure & Formations
Price action over the 24-hour period displayed multiple bearish trends, with a sharp decline from $2.84 to below $2.75. A large bearish engulfing candle formed in the early morning hours, confirming downward pressure. No clear bullish reversal patterns emerged, but price consolidation near $2.73-2.74 may signal a short-term support level.
Moving Averages
On the 5-minute chart, the 20- and 50-period moving averages both trended downward, reinforcing the bearish bias. On the daily chart, price closed below the 50, 100, and 200-period moving averages, indicating a continuation of a medium-term downtrend.
MACD & RSI
The MACD remained negative throughout the session, with bearish divergence visible in the early hours. RSI reached 28 by the end of the period, suggesting oversold conditions and a potential near-term rebound. However, RSI failed to cross above 50, indicating bearish momentum remains intact for now.
Bollinger Bands
Volatility expanded during the decline, with price breaking below the lower Bollinger Band in the early morning. The bands widened significantly during the sell-off, indicating increased uncertainty. Price has since remained near the lower band, suggesting continued bearish pressure.
Volume & Turnover
Volume surged sharply in the early hours of the trading day, particularly between 00:45 ET and 02:00 ET, coinciding with the steep price drop. However, turnover remained relatively flat in the last 5 hours, indicating reduced conviction in the move lower. Divergence between volume and price suggests possible short-term stabilisation.
Fibonacci Retracements
Fibonacci levels on the recent 5-minute move from $2.859 to $2.72 show strong support at the 61.8% level around $2.74. The 38.2% retracement at $2.78 could serve as a near-term resistance level. Daily retracements from the broader move indicate a key support near $2.65 and resistance near $2.95, should the pair reverse.
Price appears to be consolidating at key support levels, and a short-term bounce could test $2.78. However, without a strong reversal in volume or momentum indicators, the bearish trend may continue. Investors should monitor RSI for a potential break above 50 and watch for volume confirmation on any upward moves.
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