POND/USDT Forms Doji Near Key Support as Bears Lose Conviction

Summary
• Price action shows a bearish consolidation with a key support forming near $0.00353–$0.00352.
• Volume and turnover declined late in the session, suggesting waning conviction in downward moves.
• RSI points to oversold conditions, hinting at potential for a short-term rebound.
• A doji formed near 06:00 ET, signaling indecision and possible reversal.

At 12:00 ET-1 on 2026-01-23, Marlin/Tether (PONDUSDT) opened at $0.00359 and traded between $0.00350 and $0.00365 over the next 24 hours, closing at $0.00352 by 12:00 ET on 2026-01-24. Total volume reached 10,041,581.0, with notional turnover of $35,912.73.

Structure & Formations

Price spent much of the day consolidating between $0.00353 and $0.00363, with a bearish bias emerging after 19:30 ET as the pair broke below the $0.0036 support and failed to reclaim it. A bearish engulfing pattern appeared at the start of the session before a long period of consolidation. A doji formed at 06:00 ET, hinting at a potential short-term reversal as buyers tested the key support.

Moving Averages

On the 5-minute chart, the 20-period MA drifted below the 50-period MA by the morning, reinforcing the bearish tone. On the daily chart, the 50-period MA sits above the 100-period MA, suggesting a longer-term downtrend is still in place.

MACD & RSI

The MACD remained negative throughout the session, with the signal line crossing below the histogram in the morning. RSI hit an oversold level near 28 by the close, suggesting a potential rebound could be in the cards, though a reversal would need to see a breakout above $0.00355 for confirmation.

Bollinger Bands

Volatility remained low for most of the day, with prices confined within the Bollinger Bands between $0.00353 and $0.00358. A late dip below the lower band was followed by a failed attempt to bounce, suggesting further weakness could follow.

Volume & Turnover

Volume and turnover were generally steady, with a notable decline in both after 04:00 ET. This may indicate waning bearish conviction, though a sustained recovery would need to see a pickup in buying volume near key support.

Fibonacci Retracements

A recent 5-minute swing from $0.00352 to $0.00363 sees the 61.8% level at $0.00357, which failed to hold. The 38.2% level at $0.00359 also saw rejection, reinforcing the bearish sentiment. Daily Fibonacci levels suggest a key target at $0.00348 if the trend continues.

Over the next 24 hours, a test of the $0.00353 support and potential bounce to $0.00356 could occur, but a break below $0.00352 may signal deeper weakness. Investors should remain cautious of thin volume at the close and watch for any reversal signs near key Fibonacci levels.