PHB Falls Below 0.166 as Bears Take Control After Failed Support

Summary
• Price tested key support near 0.166–0.167 before rebounding.
• Volume surged in early morning ET, confirming bearish continuation.
• Momentum diverged with price as RSI flattened near neutral zone.
• Bollinger Bands constricted midday, followed by a sharp price drop.
• Fibonacci 61.8% level at 0.166 acted as strong support but failed to hold.

Phoenix/Tether (PHBUSDT) opened at 0.169 on 2026-02-06 12:00 ET and closed at 0.166 by 12:00 ET on 2026-02-07, reaching a high of 0.172 and a low of 0.162. Total volume was 610,835 units, while turnover stood at $10,378.57.

Structure & Formations

Price moved in a clear descending pattern through the day, with a large bearish engulfing pattern forming at 0.167–0.168. A key support level at 0.166–0.167 held during early trading but broke decisively after 07:00 ET. A bullish doji at 0.163 hinted at potential stabilization, but failed to reverse the trend.

Moving Averages

The 20-period and 50-period 5-minute moving averages crossed below the price, confirming the downtrend. Daily 50/100/200 SMA lines showed a bearish alignment, with the price trending below all three.

Momentum & Volatility

MACD showed a bearish crossover with a narrowing histogram, while RSI flattened near 50, suggesting momentum exhaustion. Bollinger Bands narrowed during the early morning before a sharp expansion coincided with the 0.166 break.

Volume & Turnover

Volume spiked sharply in the early hours of 2026-02-07, with the largest 5-minute bar at 01:15 ET showing 53,071.5 units traded. However, the price move was bearish, suggesting strong selling pressure. Turnover confirmed the volume, aligning with price movement.

Fibonacci Retracements

A 61.8% Fibonacci retracement level at 0.166 briefly held but failed as bears took control. A 38.2% retracement at 0.168 acted as a minor resistance during the morning, but failed to halt the decline.

Looking ahead, the 0.163–0.164 zone appears a short-term floor. A break below this could test 0.161–0.162, but traders should remain cautious of potential volatility as the market consolidates.