Summary
• Price tested key support near $0.0219 and bounced with a bullish engulfing pattern.
• Momentum turned positive late, with RSI rising from oversold levels.
• Volatility increased during the rebound, with volume surging on the 5-minute chart.
• Bollinger Bands widened, signaling a shift from consolidation to breakout mode.
At 12:00 ET – 1, WOO/Tether opened at $0.0236, reached a high of $0.0237, and a low of $0.0216, closing at $0.0231 at 12:00 ET. Total volume was 15,156,614.0 and turnover amounted to $332,342.20.
Structure & Formations
The price formed a bullish engulfing pattern near the $0.0219 support level after a sharp selloff from $0.0237. This pattern indicates potential short-term reversal. Resistance levels are forming at $0.0222
(first), $0.0227 (second), and $0.0231 (third). A doji appeared near $0.0231, signaling indecision among buyers.
Moving Averages and Momentum
On the 5-minute chart, the 20-period MA crossed above the 50-period MA, forming a potential golden cross. RSI moved from oversold territory (below 30) to neutral levels, suggesting momentum is shifting. MACD turned positive in the final hours, confirming bullish momentum.
Volatility and Bollinger Bands
Volatility expanded as price broke out of a tight range near $0.0222. Bollinger Bands widened during the rebound, with price closing near the upper band at $0.0231. This indicates increased trading activity and a possible continuation of the upward move.
Volume and Turnover
Volume spiked during the rebound off $0.0219, confirming the reversal. The largest 5-minute candle had a volume of 932,062.9 and moved price from $0.0220 to $0.0226. Turnover was concentrated in the late-night session, with little divergence between price and volume.
Fibonacci Retracements
The recent 5-minute swing from $0.0216 to $0.0231 saw price retrace to the 61.8% level at $0.0224 before rebounding. On a daily basis, the 38.2% retracement of the prior downtrend aligns with current support at $0.0222, which may be tested before a potential breakout.
The market appears to be shifting from bearish to bullish momentum, with a key
of resistance at $0.0231 ahead. However, traders should remain cautious of a potential pullback to test the $0.0222 support zone. Volatility and volume remain elevated, suggesting increased participation and potential for further movement.
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