Market Overview for Decentraland/Tether (MANAUSDT)

• MANAUSDT traded in a 24-hour range of $0.3311–$0.3490, closing near intraday support with bearish momentum.

• The asset saw strong intraday volatility with a high of $0.3490 before retracing lower, suggesting a potential trend shift or consolidation.

• Volume surged during the key break above $0.3425, but momentum faded as RSI declined into neutral territory.

• Bollinger Bands showed a moderate expansion, with price staying near the lower band for much of the session, indicating sideways pressure.

• A potential bearish engulfing pattern formed at the high of $0.3490, signaling caution for further upward moves.

Price Action Summary

Decentraland/Tether (MANAUSDT) opened at $0.3327 on October 5, 2025, reached a high of $0.3490, and closed at $0.3401 at 12:00 ET on October 6. The 24-hour volume was 6,608,184.0 and the notional turnover (volume × price) was approximately $2,245,269 (calculated using average price of $0.34).

Structure & Formations

The 15-minute chart shows a bearish reversal pattern forming at the high of $0.3490, with a large bearish candle engulfing the previous session’s bullish candle. This pattern suggests a potential short-term top. Key support levels were observed at $0.3425, $0.3390, and $0.3360, while resistance remains at $0.3441 and $0.3455. A doji formed near $0.3330, signaling indecision and potential continuation of the current range.

Moving Averages and MACD

Short-term moving averages (20/50 EMA) show a bearish crossover with the 50 EMA dropping below the 20 EMA on the 15-minute chart, suggesting downward momentum. The MACD histogram turned negative in the afternoon, confirming a slowdown in bullish momentum after the early morning rally. Daily moving averages (50/100/200 EMA) remain in a flat-to-downward alignment, consistent with a larger bearish trend.

RSI and Bollinger Bands

Relative Strength Index (RSI) peaked at 61.8 during the morning rally, indicating a slight overbought condition but not extreme. It has since retreated to the 50–55 range, suggesting balanced buyer and seller activity. Bollinger Bands expanded after the early morning breakout, with the price hovering near the lower band most of the session, showing bearish pressure and low volatility.

Volume and Turnover

Volume spiked during the morning rally and again in the afternoon, suggesting active trading during key price swings. However, volume during the bearish retracement was moderate, which may signal weakening bearish conviction. Turnover was higher during the bullish breakout, but declined during the bearish phase, confirming weaker conviction on the downside.

Fibonacci Retracements

Fibonacci levels from the $0.3311–$0.3490 swing show a 61.8% retrace at $0.3425 and 38.2% at $0.3390. The price tested both levels with mixed results. On the daily chart, a 61.8% retrace from the recent high aligns with $0.3425, reinforcing this level as a key pivot point.

Backtest Hypothesis

Given the recent formation of a bearish engulfing pattern and the key Fibonacci levels acting as barriers, a backtesting strategy could be designed to enter short positions on a close below $0.3401, targeting $0.3390 and $0.3360 with a stop-loss above $0.3425. This approach leverages both price action patterns and Fibonacci retracement levels identified in the analysis. Testing this strategy across historical data would assess its robustness and provide insights into its potential viability in similar market conditions.