Market Overview: Manchester City Fan Token/Tether (CITYUSDT) – 2025-09-24

• CITYUSDT traded in a narrow range around 0.960, with a 24-hour high of 0.972 and low of 0.950
• Volatility spiked in the overnight hours, followed by consolidation toward the mid-range
• Volume surged during the late ET afternoon and into early morning, with no clear divergence in price
• RSI hovered near the neutral zone, suggesting no immediate overbought or oversold conditions
• Bollinger Bands showed slight expansion during the early hours, followed by a return to contraction

24-Hour Price and Volume Summary

At 12:00 ET–1, CITYUSDT opened at 0.958, reached a high of 0.972, and a low of 0.950 before closing at 0.966 at 12:00 ET. Total volume for the 24-hour period amounted to 172,322.23 USDT, with notional turnover of $164,826.38, indicating moderate activity with no sudden liquidity surges.

Structure & Formations

Price action displayed a relatively range-bound structure, with key support identified at 0.960–0.962 and resistance forming near 0.966–0.969. A bullish engulfing pattern was observed around 05:30–06:00 ET, followed by a doji around 03:30 ET, hinting at indecision among buyers and sellers. A strong bearish rejection candle at 04:30 ET–04:45 ET marked a key pivot point.

Moving Averages

On the 15-minute chart, the 20-EMA crossed above the 50-EMA during the early hours of ET, suggesting a temporary short-term bullish bias. However, this was quickly undone as the 50-EMA reasserted itself. On the daily chart, the 50-EMA sits slightly above the 200-EMA, but with the price hovering around the 200-EMA, the longer-term trend remains neutral to slightly bearish.

MACD & RSI

The MACD histogram showed a minor bullish crossover early in the session but quickly lost momentum as the histogram flattened. RSI remained within the 40–60 range for most of the period, indicating balanced market sentiment. There were no strong overbought or oversold signals, suggesting the market remained in a consolidation phase without a clear directional bias.

Bollinger Bands

Volatility expanded sharply during the early morning hours, pushing price near the upper band before retracting back toward the midline. The recent contraction in band width suggests a potential breakout or breakout failure may be imminent. Price has spent a significant portion of the 24-hour period near the middle band, consistent with a sideways trading range.

Volume & Turnover

Trading volume surged between 19:00 and 21:00 ET, with a corresponding rise in turnover, suggesting increased participation. However, after this peak, both volume and turnover declined, indicating reduced conviction in price moves. A divergence was observed between the late-night volume spike and the relatively flat price action, suggesting the move may have been distribution-based.

Fibonacci Retracements

On the 15-minute chart, key Fibonacci levels at 0.965 (38.2%) and 0.969 (61.8%) were tested multiple times, with price appearing to reject the 61.8% level during the late afternoon. On the daily timeframe, the 50% retracement level is currently at 0.965, aligning with the most recent 15-minute resistance. This convergence of timeframes strengthens the importance of this level.

Backtest Hypothesis

Given the formation of the bullish engulfing pattern and the subsequent consolidation near the 38.2% and 61.8% retracements, a potential backtest could involve a long entry on a close above 0.965, with a stop-loss placed below 0.960. The target would be the 0.969 resistance level. This approach leverages both candlestick confirmation and Fibonacci levels to identify a high-probability trade setup during consolidation phases.