SLPUSDT Breaks Key Support Amid Bearish Divergence and Spiking Volume

Summary
• SLPUSDT tested key support at $0.000650–0.000655, with rejection and subsequent pullback.
• Momentum indicators showed bearish divergence as RSI approached oversold territory.
• Volume and turnover spiked during the late afternoon ET, suggesting increased bear pressure.
• A potential engulfing bear pattern emerged in late trading, with a 1.8% close below the prior session high.
• Volatility expanded in the final 6 hours, as price moved outside the upper Bollinger Band for two consecutive hours.

Smooth Love Potion/Tether (SLPUSDT) opened at $0.000676 on 2026-02-04 12:00 ET, reached a high of $0.000692, and closed at $0.000652 as of 2026-02-05 12:00 ET. Total volume over 24 hours was 514.7 million SLP, with notional turnover of $338,825.

Structure & Formations

Price tested the 0.000650–0.000655 support zone three times over the last 6 hours, with the most recent rejection appearing weaker, as evidenced by shrinking candle bodies and bearish engulfing patterns at 15:00–15:45 ET. A long lower shadow at 15:30 ET suggests some short-covering, but the 0.000661–0.000666 level is now at risk of being the next immediate support.

Moving Averages

On the 5-minute chart, the price closed below the 20 and 50-period moving averages, which have been trending lower since 04:00 ET. Daily moving averages (50, 100, 200) are aligned bearishly, with the 200-period MA at ~$0.000674 acting as a dynamic overhead resistance.

MACD & RSI

The MACD line crossed below the signal line at 15:00 ET, confirming bearish momentum. RSI has moved into oversold territory (below 30), but this divergence from price suggests a potential rebound could be in play. However, without a clear reversal pattern or breakout above $0.000663, bearish continuation remains probable.

Bollinger Bands

Volatility expanded significantly during the 15:00–17:00 ET window as the price moved above the upper Bollinger Band, only to close back inside the channel by 17:00. The current price of $0.000652 sits near the mid-band, suggesting a potential consolidation phase may be forming ahead of further direction.

Volume & Turnover

Volume spiked sharply in the late afternoon (15:00–17:00 ET) as the price broke below $0.000660, with notional turnover rising by ~120% compared to earlier in the day. A divergence appeared between rising volume and declining price, hinting at possible exhaustion in the short term.

Fibonacci Retracements

On the 5-minute chart, the recent pullback to $0.000652 is near the 61.8% Fibonacci retracement level of the 15:00–16:30 ET move. This level is key for near-term sentiment; a break below it could target the 78.6% level at ~$0.000643, while a retest above $0.000661 could signal a temporary bear trap.

Looking ahead, a test of the $0.000643–0.000645 range appears likely in the next 24 hours, especially if the current bearish momentum continues. Investors should remain cautious, as volatility is elevated and rapid reversals are possible in this range-bound market.