POLYXTRY’s 1.95 Breakdown Fizzles as Fibonacci Support Holds

Summary
• Price formed a bearish engulfing pattern at 1.95 after a sharp intraday rally.
• Volatility expanded in the early hours, with high turnover at key resistance levels.
• RSI signaled overbought conditions before the price corrected sharply after 01:30 ET.
• Volume surged during the 04:00–06:00 ET range, confirming price resilience around 1.95.
• A 61.8% Fibonacci level at 1.93 appears to have capped further downside during a late sell-off.

Polymesh/Turkish Lira (POLYXTRY) opened at 1.95 on 2026-02-06 at 12:00 ET, touched a high of 2.01, a low of 1.88, and closed at 1.91 by 12:00 ET the next day. Total volume was 1,062,489.7, and turnover reached 1,894,459.8 Turkish Lira over 24 hours.

Structure & Formations

A bearish engulfing pattern formed at 1.95 in early ET hours, indicating potential bearish momentum. A sharp intraday low at 1.88 tested a 61.8% Fibonacci retracement level from the prior upswing, which acted as a temporary floor. Price consolidation occurred between 1.91 and 1.94 late in the session, suggesting a potential range-bound setup for the next 24 hours.

Moving Averages and Momentum

On the 5-minute chart, price traded above the 20-period MA for much of the day but fell below the 50-period MA during the late sell-off. The daily RSI reached overbought levels above 70 during the 04:15 ET peak at 2.01, followed by a sharp decline into oversold territory by 07:30 ET. The MACD crossed below the signal line in the early morning, confirming bearish momentum.

Volatility and Bollinger Bands

Volatility expanded significantly during the 04:00–06:00 ET range, with price reaching the upper Bollinger Band before retracting. In the final hours, volatility compressed slightly as price found a temporary base around 1.91–1.93. The bands narrowed, suggesting the potential for a breakout or continuation of the range.

Volume and Turnover

Volume spiked during the 04:00–06:00 ET rally, reaching 162,812.3 at 04:15 ET, confirming the strength of the short-lived breakout. However, by 07:30 ET, volume dried up despite continued price weakness, hinting at potential divergence or exhaustion. The total turnover increased in tandem with volume, indicating active participation during the key price swings.

Fibonacci Retracements

Key Fibonacci levels from the recent 5-minute swing (1.88 to 2.01) positioned 1.93 as a critical 61.8% retracement level. Price found support there twice, especially during the 09:45 ET and 10:45 ET lows. On the daily chart, the 50% retracement of the larger range remains a near-term watch level as the market tests consolidation.

Polymesh/Turkish Lira appears to be settling into a new range following the sharp intraday correction. While the 1.91–1.93 level seems to offer support, traders should remain cautious about potential breakouts or breakdowns if volume surges again. The next 24 hours may see renewed volatility if key Fibonacci levels are tested or if order flows show signs of divergence.