The closing price of 0.2980 is significantly below the day's opening price of 0.3210, resulting in a substantial decline of 7.25%. This sharp downward movement is further emphasized by the price action; after opening at 0.3210, the price surged to a high of 0.3241 but encountered strong selling pressure, driving it down to a low of 0.2950.

The key technical development is the formation of a bearish engulfing pattern or a significant rejection at higher levels. The price tried to move higher but failed, closing very near the day's low. This indicates that sellers have completely overwhelmed buyers, leading to a decisive break in momentum.

The generated "SELL" signal at 0.3210, which was the day's open, proved to be prescient as the price collapsed from that level. The current price of 0.3213 is now testing the same resistance zone from which the previous sell-off originated.

This suggests a high probability of further downside, as this level has recently proven to be a point of significant supply. The overall technical picture is weak, and the momentum firmly favors the bears.

$MMT #momentum