WOOUSDT Stuck in Range — Bearish Engulfing Adds Doubt

Summary
• Price action consolidated between 0.0161–0.0167 with key support at 0.0163 and resistance at 0.0166.
• RSI suggests mild oversold conditions after the late-night pullback but lacks bullish momentum.
• High volume at 0.0165 confirms short-term interest, but turnover and price diverged in the 02:00–04:00 ET window.
• Bollinger Band contraction in early ET hours hinted at low volatility, followed by a breakout attempt.
• A bearish engulfing pattern formed at 0.0166–0.0163 around 19:45 ET, signaling possible short-term bearish bias.

The 24-hour period for WOO/Tether (WOOUSDT) saw an opening price of 0.0165 at 12:00 ET − 1 and closed at 0.0162 at 12:00 ET, reaching a high of 0.0167 and a low of 0.0159. Total volume was 6,305,120.6, with a notional turnover of approximately $103,377.80.

Structure & Formations

Price action on the 5-minute chart showed a consistent trading range between 0.0163 and 0.0166 for much of the session, with a bearish engulfing pattern emerging at 19:45 ET as the pair moved from 0.0166 to 0.0163. A doji formed at 00:15 ET, signaling indecision. The 0.0163 level acted as a key support zone, with price bouncing multiple times but failing to form a strong bullish confirmation.

Moving Averages

The 20-period and 50-period moving averages on the 5-minute chart remained in a tight convergence, reflecting low directional bias. On the daily timeframe, the 50 and 200-day moving averages remain separated, indicating no strong trend formation over the past month.

MACD & RSI

The RSI dropped below 30 during the early morning hours, suggesting mild oversold conditions, but failed to generate a strong rebound. MACD remained near zero throughout the 24-hour period, showing weak momentum.

Bollinger Bands

Volatility contracted between 00:00–02:00 ET, with price consolidating within a narrow band. A breakout attempt followed, but it failed to sustain, keeping the market in a range-bound state.

Volume & Turnover

Volume spiked at 0.0165 during the late evening hours, confirming short-term interest in that price level. However, notional turnover began to lag during the 02:00–04:00 ET window despite rising volume, suggesting potential divergence between price and liquidity.

Fibonacci Retracements

The recent swing from 0.0167 to 0.0159 saw the 0.618 level at 0.0163, which held as a key support area. A 38.2% retracement level at 0.0165 also saw repeated attempts to break above it, but failed.

Looking ahead, the market may test the 0.0163 support level again and could attempt another breakout above 0.0165. Investors should remain cautious, as the absence of strong momentum or volume confirmation increases the risk of false breakouts in the coming 24 hours.