Market Overview for Metis/Tether (METISUSDT) on 2025-10-04

• Price declined 6.2% in the last 24 hours, breaking key support levels around $14.20.
• Volatility spiked in the morning before a sharp selloff, with volume surging past 6,000 coins.
• RSI entered oversold territory near 28, suggesting potential short-term bounce.
• Bollinger Bands widened as the price dropped toward the lower band, signaling high volatility.
• A bearish engulfing pattern formed after a failed rally near $14.40, raising bearish bias.

Metis/Tether (METISUSDT) opened at $14.18 on 2025-10-03 at 12:00 ET, surged to $14.43, then dropped to a 24-hour low of $13.67, closing at $13.69 on 2025-10-04 at 12:00 ET. Total 24-hour volume was 127,748.48 METIS, with notional turnover of $1.79 million.

Structure & Formations

The price of METISUSDT formed a bearish engulfing pattern following a failed rally to $14.43, with a long upper shadow and a lower close. This pattern suggests increased bearish momentum. A doji appeared near $14.39 at 06:45 ET, indicating indecision and a potential trend reversal point. Key support levels were identified at $14.20 and $14.00, both of which broke during the selloff. Resistance was tested but not confirmed at $14.30 and $14.40, with a failed attempt to retest $14.39 later in the session.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below the price action, reinforcing the bearish trend. On the daily chart, the 50-day moving average is around $14.10, and the 200-day MA is near $14.30. The price remains below both, indicating a bearish bias. The 100-day MA is not directly tested but lies just above the recent support at $14.20.

MACD & RSI

The MACD crossed below the signal line in the early morning and maintained a negative divergence throughout the session, reflecting sustained bearish momentum. The RSI closed near 28, indicating overbought conditions have reversed to oversold territory. This could suggest a short-term rebound, but without a strong reversal in volume, a deeper correction remains likely.

Bollinger Bands

Volatility expanded significantly as the price moved from the upper to the lower Bollinger Band, with the bands themselves widening. The price closed near the lower band, indicating a high degree of bearish pressure. This kind of movement may indicate either a continuation of the downtrend or a temporary overcorrection, depending on how volume and order flow develop in the next 24 hours.

Volume & Turnover

Volume spiked during the morning selloff, particularly between 06:00 and 08:00 ET, with large orders pushing the price below key psychological levels. Notional turnover peaked near $14.20, coinciding with a breakdown in price. A divergence between volume and price action was noted near $14.30, where volume declined despite a retest of resistance. This suggests fading interest in the short-term bullish bias.

Fibonacci Retracements

Applying Fibonacci retracements to the $13.67–$14.43 swing, the 38.2% and 61.8% levels sit at $14.17 and $14.01, respectively. The price found initial support at $14.17 but quickly broke through to $14.00. The 50% retracement at $14.05 may act as a key level in the next 24 hours. On the daily chart, the 61.8% retracement of a larger $14.00–$14.45 move would align with $14.19, where a potential bounce could occur if buyers re-enter.

Backtest Hypothesis

Given the bearish engulfing pattern and the price action below key moving averages, a short-term bearish strategy could be tested. A potential backtest involves entering a short position on a close below $14.20 with a stop just above the 61.8% Fibonacci level at $14.25. A target could be placed at $13.80 or the 38.2% retracement level. This approach would aim to capitalize on the continuation of the bearish momentum while using technical levels as risk and reward boundaries.