Market Overview for Metis/Tether (METISUSDT) on 2025-11-14

Summary
• Price dropped from $9.52 to $8.99 amid sustained bearish momentum.
• Key support tested at $9.00 as volume surged during the break.
• RSI oversold territory reached, suggesting potential for a short-term rebound.

Metis/Tether (METISUSDT) traded between $9.52 and $8.99 over the last 24 hours, closing at $8.99 from an open of $9.52 at 12:00 ET–1. Total volume reached 126,844.23 units with $1,139,385 in notional turnover, indicating strong market participation during the downward leg.

Structure & Formations

The price action shows a clear bearish trend over the last 24 hours, with a series of lower lows and lower highs. A breakdown below $9.00, a potential support level, was confirmed with a 15-minute candle closing at $8.99 after a sharp drop from $9.15. A potential bearish engulfing pattern was visible during the drop from $9.21 to $8.99, and a doji appeared near $9.15, indicating indecision before the final sell-off.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have been in a bearish crossover for the past four hours, confirming the downtrend. On the daily chart, the 50-period MA is approaching the 100-period MA, and the price is trading below the 200-period MA, indicating a continuation of the medium-term bearish bias.

MACD & RSI

The 15-minute MACD turned bearish with a strong negative histogram, confirming the recent sell-off. The RSI has entered oversold territory at 28, suggesting the possibility of a short-term bounce but not a reversal. A closing above $9.22 would be required for a meaningful shift in sentiment.

Bollinger Bands

Volatility expanded significantly during the drop to $8.99, with the price breaking below the lower Bollinger Band. This suggests a high degree of bearish conviction. However, the RSI in oversold territory may prompt a pullback toward the mid-band (~$9.15) in the near term.

Volume & Turnover

Volume spiked during the breakdown below $9.00, with a 15-minute candle registering over 12,600 units of volume as the price dropped from $9.15 to $8.99. Notional turnover also spiked during this period, confirming the price action. However, volume has since cooled off, which may indicate that the initial wave of selling is subsiding.

Fibonacci Retracements

Applying Fibonacci retracement levels from the swing high at $9.52 to the swing low at $8.99, key levels to watch include 38.2% at $9.24 and 61.8% at $9.27. These levels could serve as potential areas of support or resistance in the short term.

Backtest Hypothesis

A possible backtesting strategy would involve a long entry on a bullish reversal pattern (e.g., hammer or bullish engulfing) when RSI enters oversold territory and volume surges. A stop-loss could be placed below the nearest Fibonacci support level, with a target set at the 38.2% retracement. Given the current structure, a short-term trade into $9.15 or higher could be considered for a countertrend setup.

Looking ahead, the 24-hour period may see consolidation around $9.15 before a potential test of the $9.22–$9.25 range. Investors should remain cautious of further downside if volume picks up again, despite the RSI suggesting a possible bounce.