• SLFUSDT surged to a 24-hour high of $0.0856 amid sharp volume spikes, indicating strong bullish momentum.
• Price formed a bullish engulfing pattern during the early hours of July 17, signaling a potential trend reversal.
• Volatility expanded significantly, with Bollinger Bands widening to reflect heightened uncertainty and trading activity.
• RSI reached overbought territory near 75, suggesting potential for a near-term correction.
• Turnover spiked over $10M in the 12:30–12:45 ET window, aligning with a sharp price breakout above $0.081.
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Self Chain’s SLFUSDT opened at $0.0701 on July 16 at 12:00 ET and surged to a high of $0.0856, closing at $0.0747 by 12:00 ET July 17. Total volume reached 103,695,570.0 units, with turnover exceeding $7.4 million during the most active hour.
Structure & Formations
SLFUSDT displayed a bullish engulfing pattern between 12:00 and 12:30 ET, with a long green candle overtaking a previous red candle. This pattern, coupled with a breakout above a prior resistance of $0.0775, suggests a potential continuation of the bullish trend. Notable support levels appear at $0.0748 and $0.0735, with resistance forming near $0.076 and $0.0777.
Moving Averages
On the 15-minute chart, the 20-period and 50-period moving averages crossed in favor of the bulls, with the price holding above the 50-period line. This suggests a short-term bullish bias. Daily moving averages (50/100/200) are likely still aligned bearishly, indicating a potential for mean reversion if the price fails to hold above $0.075.
MACD & RSI
The MACD crossed into positive territory during the morning session, confirming bullish momentum. RSI reached overbought levels near 75, indicating a high probability of a near-term pullback. Traders should monitor for a bearish divergence or a rejection at key resistance levels to assess the sustainability of the current rally.
Bollinger Bands
Bollinger Bands expanded significantly during the breakout phase, reflecting heightened volatility. The price closed near the upper band at $0.0747, suggesting a continuation of bullish momentum. A retest of the lower band near $0.0735 could offer a favorable risk/reward opportunity for short-term traders.
Volume & Turnover
Volume spiked dramatically during the 12:30–12:45 ET window, with over 18 million units traded and a notional turnover of $7.4 million. This confirms strong conviction in the upward move. However, a divergence between price and volume in the late hours of the session may hint at weakening momentum.
Fibonacci Retracements
On the 15-minute chart, the 38.2% and 61.8% Fibonacci levels align with key psychological levels at $0.074 and $0.076, respectively. The price held above the 38.2% level during the consolidation phase, suggesting a healthy continuation of the bullish trend.
The forward-looking view for the next 24 hours is cautiously optimistic, with SLFUSDT likely to test $0.076 and $0.0775. However, a pullback to $0.074 could trigger renewed buying interest. As always, traders should remain mindful of macro risks and potential liquidation events.
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