Polymesh/Turkish Lira Market Overview

• POLYXTRY opened at 5.1 and closed at 5.22 with a 24-hour high of 5.26 and low of 5.04.
• Strong upward momentum with a 24-hour volume of 53,580.6 and turnover of 275,079.0 Turkish Lira.
• A bullish reversal pattern emerged after a consolidation phase near 5.09.
• RSI moved into overbought territory during the final hours, signaling potential pullback.
• Bollinger Bands showed a volatility expansion during the morning surge.

24-Hour Price Action Summary

Polymesh/Turkish Lira (POLYXTRY) opened at 5.1 on September 22 at 12:00 ET and closed at 5.22 by 12:00 ET on September 23. During the period, the pair reached a high of 5.26 and a low of 5.04. Total traded volume over the 24-hour period was 53,580.6, with notional turnover amounting to 275,079.0 Turkish Lira. The pair displayed a clear bullish bias, particularly from the early hours of the morning as a strong buying wave pushed prices from consolidation levels.

Structure & Formations

The 15-minute chart shows a key support level forming at 5.09, which acted as a floor in the early hours and again during a minor sell-off in the mid-morning. A bearish engulfing candle was observed at 5.05, followed by a bullish reversal as price returned to 5.09. Later in the session, a strong bullish engulfing pattern emerged after the price broke out of a narrow trading range. A key resistance was observed at 5.24 and 5.27, with the latter briefly tested and partially retraced.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages crossed above 5.10 by midday, supporting the bullish breakout. The 50-period MA held steady around 5.13–5.14 during the morning, confirming the strength of the consolidation phase. RSI crossed above 60 in the late morning and remained elevated, peaking near 68 before retreating. MACD showed a positive divergence with the price, suggesting continued bullish momentum despite the overbought levels.

Bollinger Bands and Volatility

The Bollinger Bands expanded significantly during the morning breakout from 5.09 to 5.17, indicating increased volatility. The price remained within the bands for most of the session, with a temporary excursion near 5.26 in the late morning. By early afternoon, the bands had begun to contract again, suggesting a possible slowdown in momentum. The closing price of 5.22 was near the upper band, indicating a continuation of bullish pressure.

Volume and Turnover Analysis

Volume surged during the key breakout periods, particularly around 06:45 ET, where 4804.3 units were traded as the price rose from 5.09 to 5.15. Turnover also increased significantly during the morning, with several large-volume candlesticks confirming the price action. A notable divergence was observed in the late morning when the price moved higher but volume began to wane, suggesting potential exhaustion in the buying wave. This could signal an upcoming pullback or consolidation phase.

Backtest Hypothesis

A potential backtest strategy for this market could involve a breakout system that targets price movements from defined consolidation ranges. Given the recent action, a buy entry could be triggered once price breaks above 5.10 with a stop-loss below 5.09. A target could be set near 5.27, the previous resistance level that was briefly tested. This approach would aim to capitalize on strong volatility periods like those observed in the early morning. The RSI overbought signal and the bearish divergence in the final hour may provide a natural exit or profit-taking level.