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Summary
• Price traded in a narrow range before a sharp 5-minute drop to 0.00498.
• Volume surged during the decline but failed to confirm a bearish breakout.
• RSI hit oversold levels, suggesting potential for a short-term rebound.
• Bollinger Bands contracted mid-day before expanding during the sell-off.
• Key support at 0.00506 holds, with a 0.00511 resistance level above.
Zilliqa/Tether (ZILUSDT) opened at 0.00514 at 12:00 ET-1 and closed at 0.00484 at 12:00 ET, with a high of 0.00517 and a low of 0.00482. Total volume traded over 5 minutes over 24 hours was 65.5 million ZIL, with notional turnover of $325,954.
Price action displayed a key pivot point at 0.00506, which held on multiple occasions, suggesting strong support. A bearish engulfing pattern appeared around 15:00 ET, followed by a sharp decline to a 24-hour low at 0.00482. The session ended with a bearish close near the lower end of the Bollinger Bands, signaling high volatility and a potential reversal point.
The 20-period and 50-period moving averages on the 5-minute chart crossed below key support levels, suggesting a short-term bearish bias. RSI fell into oversold territory below 30 during the final hours, which may indicate a potential bounce. MACD crossed into negative territory with a bearish divergence, suggesting continued downward pressure unless buyers step in.
Volatility expanded in the last three hours of the session, with a 12.3% drop in price and a surge in volume to 6.8 million ZIL traded in the 15:00–18:00 ET window. Notional turnover peaked at $25,000 during the 15:30 ET candle, coinciding with the sharp selloff. Volume and price were in alignment during the decline, indicating conviction in the move lower.
The next 24 hours may see a test of the 0.00506 support level and a potential bounce if buyers defend it. A break below this level could target 0.00495, while a rebound above 0.00511 may indicate a short-term reversal. Investors should remain cautious and watch for volume confirmation on any reversal attempt.
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