Summary
• WOOUSDT formed a bearish engulfing pattern and tested key support at $0.0275.
• RSI entered oversold territory, suggesting potential near-term bounce.
• Volatility expanded as price moved below 50-period MA, confirming downward momentum.
• Bollinger Bands widened post-liquidity dry patch, indicating increased market activity.
• Volume increased at lower levels, but turnover failed to confirm strength.
WOO/Tether (WOOUSDT) opened at $0.0286 at 12:00 ET–1 and traded as high as $0.0296 before closing at $0.0266 by 12:00 ET. The pair reached an intraday low of $0.0263. Total volume for the 24-hour window was 15,712,109.9 with a turnover of approximately $429,207.
Structure & Formations
The 5-minute chart showed a bearish engulfing pattern as price closed below a prior bullish candle at the $0.0286 level. This pattern was confirmed by a subsequent breakdown below $0.0280. A key support level at $0.0275 was tested twice, with the second test showing weaker volume, suggesting possible exhaustion at that level.
Moving Averages
Price closed below both the 20-period and 50-period moving averages, reinforcing bearish momentum. Daily moving averages (50, 100, and 200) would require full daily data, but the current 5-minute trend suggests a short-term downtrend continuation.
MACD & RSI
The MACD showed a bearish crossover, with the line falling below the signal line. RSI dropped below 30 into oversold territory, indicating potential for a near-term pullback or consolidation. However, a sustained reversal would require higher volume at those levels.
Bollinger Bands
Bollinger Bands expanded as price swung between $0.0263 and $0.0296. The recent close of $0.0266 sits near the lower band, suggesting elevated volatility. A retest of the upper band at $0.0290 may face resistance unless volume increases significantly.
Volume & Turnover
Volume spiked during the bearish move, especially in the 19:30 to 20:30 ET window, when the pair dropped from $0.029 to $0.0286. However, turnover failed to confirm strength during subsequent bounces, indicating weak buying pressure.
Fibonacci Retracements
Key Fibonacci levels from the $0.0263 low to $0.0296 high show 38.2% at $0.0280 and 61.8% at $0.0276. Price appears to have rejected at both levels, with the 61.8% level currently acting as a potential near-term floor.
WOOUSDT appears to be in a consolidation phase following a sharp decline. A potential bounce from $0.0275 could test the 38.2% retracement level at $0.0280. Investors should monitor for volume confirmation at key levels and be mindful of the risk of a breakdown below $0.0263.
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