Meteora Bounces from 5.85 TRY as Overnight Volume Surges

Summary
• Price found key support near 5.85 TRY before rebounding to close above 6.12 TRY.
• Momentum indicators show moderate strength, with RSI near neutral levels.
• Volume spiked during late-night and early morning hours, coinciding with the rally.
• Bollinger Bands reflect increasing volatility as the price moved out of contraction.
• A bullish engulfing pattern emerged near 6.02 TRY following a sharp selloff.

Market Overview
Meteora/Turkish Lira (METTRY) opened at 6.0 TRY on 2026-03-29 at 12:00 ET, reached a high of 6.21 TRY, and a low of 5.79 TRY, closing at 6.12 TRY on 2026-03-30 at 12:00 ET. Total volume was 172,805.6 and turnover was approximately 1,042,549.27 TRY over the 24-hour period.

Structure & Formations

Price action revealed a strong support zone between 5.85 and 5.89 TRY, where a sharp selloff was met with buying pressure. A bullish engulfing pattern formed around 6.02 TRY, signaling potential reversal after the decline. Resistance appears near 6.15 TRY, where price consolidated twice. Key support levels are at 5.93, 5.90, and 5.85 TRY, with 5.85 showing the strongest rejection.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages trended upward in the final hours of the 24-hour window, supporting the recent rally. The daily chart shows a flattening of the 50-period MA, with the 100-period and 200-period averages providing a baseline of 5.95 TRY. Price closed above the 50-period MA for the first time in several days.

MACD & RSI

The 12/26 MACD crossed above the signal line in the final 3 hours, confirming a momentum shift. RSI hovered between 48 and 56 for most of the session, suggesting moderate buying pressure without overbought conditions. A brief overbought spike occurred around 6.15 TRY before price pulled back.

Bollinger Bands

Bollinger Bands contracted during a mid-session range-bound phase, followed by a breakout to the upside. The price closed near the upper band on the 5-minute chart, indicating increased volatility. The upper band is currently at approximately 6.16 TRY, suggesting a potential target for further upside.

Volume & Turnover

Trading volume surged during the overnight session, with the largest spikes occurring between 05:30–06:00 ET and 08:30–09:00 ET. Turnover mirrored the volume pattern, with the most significant notional value traded during the 05:30–06:00 ET window. Price and turnover aligned during the bounce from 5.85 TRY, providing confirmation for the move higher.

Fibonacci Retracements

Applying Fibonacci to the 5.79–6.21 TRY swing, price found support near 38.2% (5.90 TRY) and 50% (5.95 TRY), then tested 61.8% at 6.07 TRY before moving higher. This suggests a possible continuation toward 6.15 TRY or 6.21 TRY, with 6.07 TRY as a critical retracement level.

Market activity appears to be building momentum as price moves above key resistance and volume surges during key reversal periods. However, the risk of consolidation or short-term pullback remains, especially with RSI not showing extreme readings. Investors should watch for a break above 6.15 TRY and volume confirmation on the next leg higher.