SLPUSDT Breaks Key Support Amid Surging Volume, But a Bounce Hinted

Summary
• Price declined from 0.000665 to 0.000628, breaking below key support.
• Volume spiked during the downtrend, confirming bearish momentum.
• RSI approached oversold territory but failed to trigger a reversal.
• A bullish engulfing pattern emerged near the session low, hinting at potential bounce.

Smooth Love Potion/Tether (SLPUSDT) opened at 0.000654 on 2026-02-06 12:00 ET, reached a high of 0.000671, and closed at 0.000628 on 2026-02-07 12:00 ET. The pair fell to a low of 0.000619. Total 24-hour volume was 91,163,931.0 units, with turnover of 59,014.72 USD.

Structure & Formations

Price broke below the 0.000648 support level, forming a bearish breakdown. A small bullish engulfing pattern appeared at 0.000628, indicating potential short-term buying interest. A doji formed near 0.000634, signaling indecision.

Moving Averages

On the 5-minute chart, price closed below both the 20- and 50-period moving averages, reinforcing bearish bias. Daily chart averages are not fully calculable from the dataset, but the 1-day close is well beneath key short-term moving averages.

MACD & RSI

The RSI dipped near 30 by the session end, hinting at oversold conditions. However, a reversal failed to materialize. The MACD line turned negative and crossed below the signal line, confirming bearish momentum.

Bollinger Bands

Volatility expanded during the price drop, with the low at 0.000619 nearly touching the lower Bollinger Band. Price remained compressed within the bands during most of the session, indicating lack of strong directional bias.

Volume & Turnover

Volume surged during the selloff, particularly after 2026-02-07 07:00 ET, when a sharp decline occurred. Turnover confirmed the bearish move, with no clear divergence between volume and price.

Fibonacci Retracements

A 61.8% retracement of the recent 5-minute upswing aligned with the 0.000640 level, which price failed to hold. On the daily scale, the 0.000626 level represents a potential 38.2% retracement of the larger swing, offering a possible near-term support.

Price appears to have tested a key support level and may consolidate around 0.000628 in the short term. Investors should remain cautious as a breakout could signal further volatility in either direction.