THETRY Rebounds From 11.538 — But Can It Breakout?

Summary
• THENA/Turkish Lira (THETRY) formed a bullish reversal pattern after a 24-hour decline to 11.538.
• RSI and MACD signaled oversold conditions, suggesting possible near-term buying interest.
• Bollinger Bands constricted late yesterday, indicating potential for a breakout today.
• Volume and turnover diverged during the morning dip, signaling caution ahead of the rebound.
• Fibonacci levels suggest 11.538 (38.2%) and 11.95 (61.8%) as key areas for near-term support and resistance.

The THENA/Turkish Lira pair (THETRY) opened at 12.03 on 2026-02-07 at 17:00 ET and reached a low of 11.538 before closing at 11.58 on 2026-02-08 at 12:00 ET. The 24-hour range was 12.148 to 11.538, with a total volume of 1,141,148.0 and turnover of 12,806,289.5 Turkish Lira.

Structure and Price Action

The price action over the last 24 hours revealed a clear bearish trend followed by a potential reversal at the 11.538 level. A bullish engulfing pattern emerged from the 11.538–11.58 range, signaling a potential short-covering rally. The price found support at the 38.2% Fibonacci level and is now consolidating near the 61.8% retracement at 11.95.

Momentum and Volatility Indicators

The RSI dipped below 30 at 11.538, indicating oversold conditions and suggesting a potential rebound. MACD crossed the signal line in the negative zone, but the histogram began to narrow, hinting at fading bearish momentum. Bollinger Bands showed a contraction from 04:00–06:00 ET, implying a period of consolidation before a potential breakout.

Volume and Turnover Analysis

Volume declined during the morning dip to 11.538, with a sharp spike in turnover as the price rebounded. This divergence suggests that while volume was subdued during the decline, buyers stepped in aggressively during the 06:00–08:00 ET window. The total notional turnover of 12.8 million Turkish Lira supports the idea that this move is backed by accumulation rather than a short-term bounce.

Key Levels and Forward Outlook

With Fibonacci levels at 11.538 (38.2%) and 11.95 (61.8%) in play, the next 24 hours will likely test the strength of the recent reversal. If 11.95 is taken out, it may signal a resumption of the upward trend; however, a failure to hold above 11.538 could extend the consolidation phase. Investors should watch for a breakout beyond these levels or a retest of the 11.538 support as confirmation of either path.

The market appears to be positioning for a reversal, but traders should remain cautious of potential volatility if the price tests key support and resistance levels in the next 24 hours.