Voxies/Tether Market Overview

• Price declined sharply from 0.0932 to 0.0735 in 24 hours, with key support holding near 0.073–0.074.
• Volatility expanded after 18:00 ET, followed by a consolidation phase overnight.
• MACD turned negative, while RSI signaled oversold conditions around 0.0735.
• Volume surged during the initial decline but waned into the night, suggesting weakening bearish momentum.
• Fibonacci levels at 0.0765 and 0.079 appear to act as minor resistance.

At 12:00 ET–1, Voxies/Tether (VOXELUSDT) opened at 0.0866, hit a high of 0.0932, fell to a low of 0.0730, and closed at 0.0738. Total volume across the 24-hour period was 62,398,994.60, with a notional turnover of $4,536,914. The price action reflects a bearish continuation from earlier trends.

Structure & Formations

The price action over the last 24 hours shows a bearish continuation pattern, with a strong bearish engulfing candle forming after 18:00 ET. The structure indicates that sellers took control after an initial bullish attempt early in the day. A key support level appears to be forming around 0.073–0.074, with the price bouncing off it multiple times in the last six hours. No clear reversal patterns have yet emerged, but a doji near 0.0738 at 15:00 ET may hint at short-term indecision.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have remained below the price for most of the day, reinforcing the bearish bias. On the daily chart, the 50-day MA has been acting as a dynamic resistance level, while the 200-day MA continues to sit above the current price, suggesting a long-term downtrend. A crossover above the 20–50 MA on the 15-minute chart could signal a short-term rally, but the broader trend remains negative.

MACD & RSI

The MACD has turned negative and remains below the signal line, confirming bearish momentum. The RSI has moved into oversold territory around 30–32 during the last six hours, suggesting a potential pullback could be imminent. However, the bearish divergence in MACD and the lack of a clear bullish reversal in RSI suggest traders should remain cautious about a sustained rebound.

Bollinger Bands

The price has been trading within the lower half of the Bollinger Bands for most of the day, indicating a period of low volatility. However, a sharp contraction occurred after 21:00 ET, followed by an expansion phase as the price dropped to 0.073. The current price is sitting near the lower band, which could either confirm a short-term bounce or signal a deeper decline.

Volume & Turnover

The volume spiked sharply during the early afternoon decline, peaking at over 4.4 million at 18:00 ET. However, volume has since waned, particularly in the early morning, suggesting weakening bearish conviction. The notional turnover has also decreased, with the price dropping while trading less volume, indicating a possible lack of conviction among sellers.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing (from 0.0932 to 0.0735), key retracement levels at 0.079 and 0.0765 appear to be minor resistances. The price has tested 0.0765 twice without breaking through, suggesting a potential area for a short-term bounce. On the daily chart, Fibonacci levels suggest a larger potential range between 0.084 and 0.092, but a bearish bias remains intact.

Backtest Hypothesis

Given the bearish continuation and oversold RSI, a potential backtest strategy could be: entering a short position when the price closes below the 20-period MA on the 15-minute chart, with a stop-loss above the last 15-minute high and a target at the next Fibonacci level. This approach would align with the current structure and momentum, offering a defined risk-to-reward ratio for the next 24 hours.