Phala Network/Tether (PHAUSDT) Market Overview

Summary
• PHAUSDT formed a bearish engulfing pattern near 0.0361, confirming a shift in sentiment.
• Price tested support at 0.0345–0.0348 multiple times, with a final close at 0.0348.
• RSI and MACD showed weakening momentum, with RSI hovering near 40.
• High volume expansion occurred during the breakdown below 0.035, signaling conviction in lower prices.
• Volatility widened in the early morning hours, with Bollinger Bands expanding after a period of consolidation.

At 12:00 ET–1, Phala Network/Tether (PHAUSDT) opened at 0.0355, hit a high of 0.0361, a low of 0.0334, and closed at 0.0348 by 12:00 ET today. Total volume was 20,123,303 PHA, and turnover amounted to $5,930,541 over 24 hours.

Structure & Formations

The price action displayed a clear bearish reversal with a bearish engulfing pattern near 0.0361, followed by a breakdown below 0.035. A key support zone formed at 0.0345–0.0348, which was tested multiple times but ultimately failed to hold, indicating weakening bullish conviction. A doji formed near 0.0345 at 03:45 ET, suggesting indecision before the final leg down.

MACD & RSI

The MACD crossed below the signal line, reinforcing bearish momentum. The RSI remains in the mid-range, around 40, indicating neither overbought nor oversold conditions but showing diminishing upside potential. A bearish divergence was noted in the late hours as price dipped lower while RSI failed to make new lows.

Bollinger Bands

Volatility increased in the early morning hours, with Bollinger Bands expanding after a period of consolidation. Price closed near the lower band at 0.0348, suggesting oversold conditions could be a temporary floor. A continued stay near the lower band may hint at a potential rebound or consolidation phase.

Volume & Turnover

Volume spiked during the breakdown below 0.035, particularly at 18:45 and 19:00 ET, with turnover rising to over $750,000. However, volume has since decreased, indicating a possible exhaustion of the short-term bearish move. A divergence appears between volume and price as price continued lower despite lower volume in the final hours.

Fibonacci Retracements

The recent 5-minute swing from 0.0361 to 0.0334 saw price finding support at the 61.8% level (0.0345), which failed to hold into the close. On the daily chart, the next key support lies at the 38.2% retracement level, which could determine whether this move is corrective or part of a larger bearish trend.

Over the next 24 hours, PHAUSDT may test the 0.0344–0.0348 range for stability, with a break below 0.0345 increasing the risk of a test at 0.0340. Investors should remain cautious, as momentum indicators suggest a continuation of the downward bias.