Market Overview for Manchester City Fan Token/Tether (CITYUSDT)

• Price declined sharply from 1.043 to 0.964, with a 7.6% drop in 24 hours
• Volatility surged as price broke below key support levels
• Notional turnover reached $152,887.32 with volume peaking at 153,829.5
• RSI and MACD indicate strong bearish momentum and oversold conditions
• Bollinger Bands show price near lower band, suggesting potential rebound

The Manchester City Fan Token/Tether (CITYUSDT) opened at 1.043 on 2025-09-21 at 12:00 ET and closed at 0.964 by 2025-09-22 at 12:00 ET, hitting a high of 1.045 and a low of 0.942. Total volume for the 24-hour window was approximately 803,672.7, while notional turnover amounted to $762,524.32.

Structure & Formations

Price action over the last 24 hours shows a strong bearish trend, with a sharp decline from 1.043 to 0.964. Key support levels were observed at 1.035, 1.025, and most recently at 0.963. A series of bearish engulfing patterns and long lower shadows (doji) indicate distribution and weak short-term sentiment. A notable breakdown occurred after a 15-minute bar at 2025-09-22 06:15 ET, where price gapped down from 0.993 to 0.960, forming a strong bearish signal.

Moving Averages

On the 15-minute chart, price closed below both the 20EMA and 50EMA, reinforcing bearish momentum. On the daily time frame, the 50DMA and 200DMA are both above the current price, indicating a longer-term downtrend. A potential bearish crossover of the 50EMA and 100EMA could occur if the downtrend continues.

MACD & RSI

The MACD has turned sharply negative with a large bearish histogram, signaling strong downward momentum. RSI has dropped to 28, entering oversold territory, which may suggest a short-term bounce is likely. However, this does not indicate a reversal in the broader trend.

Bollinger Bands

Volatility expanded significantly during the downward move, with price reaching near the lower Bollinger Band at 0.963. The band width has widened, suggesting increased uncertainty. Price currently sits near the lower band, which may offer a short-term support area, but a sustained rebound will depend on volume confirmation.

Volume & Turnover

Volume and notional turnover spiked during the critical breakdown at 2025-09-22 06:15 ET, with a volume of 152,887.3 and turnover of $148,142.40. This suggests strong conviction among sellers. However, a divergence appears in later sessions with rising price and declining volume, hinting that bearish momentum may be waning.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from 1.045 to 0.942, key levels include 38.2% at 1.014 and 61.8% at 0.978. Price has stalled near the 61.8% level at 0.978 and 0.963, suggesting this zone could offer short-term resistance to further declines.

Backtest Hypothesis

A potential backtest strategy could involve entering short positions when RSI falls below 30 and MACD histogram turns negative, with a stop-loss placed above the 50EMA. A long entry may be considered if price closes above the 61.8% Fibonacci level at 0.978 with increasing volume. This strategy leverages the confluence of momentum and key support/resistance levels to identify high-probability trade setups.