Market Overview for Mira/Tether (MIRAUSDT) – 24-Hour Summary

Summary
• Price dropped from $0.2119 to $0.1995, forming bearish momentum and key support.
• Volume surged in the afternoon (140k–900k) but failed to sustain higher prices.
• 15-minute Bollinger Bands showed recent expansion, indicating increased volatility.

Mira/Tether (MIRAUSDT) opened at $0.2119 at 12:00 ET-1 and reached an intraday high of $0.2127 before closing at $0.1995 by 12:00 ET today. The 24-hour low was $0.1951. Total volume for the period was 20,068,293.8, and turnover amounted to approximately $4,065,597. The pair has shown a bearish bias with several key support and resistance levels emerging.

Structure & Formations

MIRAUSDT has tested several critical levels over the last 24 hours, most notably at the $0.200 level, where it found multiple reversals. A bearish engulfing pattern formed around 18:30–19:00 ET-1 as the price closed well below the prior candle’s open. This pattern was followed by a series of small-bodied candles indicating indecision. A doji formed near $0.2005, suggesting potential short-term exhaustion in the downward move. A key support zone appears to be forming near $0.199–$0.195, with potential for a retracement if buyers emerge.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have both remained bearish, with the price consistently below both. The 50-period MA currently sits around $0.205–$0.207, while the 20-period MA is at $0.208–$0.210. These levels may serve as dynamic resistance should the price attempt a recovery. On the daily chart, the 50 and 200-period MAs are likely to have crossed into a bearish alignment, reinforcing the long-term downtrend.

MACD & RSI

The MACD line has been negative for most of the day, with the histogram showing bearish divergence. RSI moved below 30 around 02:00–04:00 ET, indicating potential oversold conditions, though the price did not reverse strongly from this area. A reading below 30 for over an hour suggests the market may be near a short-term bottom, but confirmation is needed via a bounce above $0.203 to validate bullish momentum.

Bollinger Bands

Volatility increased dramatically between 18:30–21:00 ET-1, with the Bollinger Bands expanding widely. The price closed near the lower band around $0.1995, suggesting short-term oversold conditions. A retest of the upper band ($0.206–$0.208) is required for a potential bounce, though it may remain under pressure if buyers fail to step in.

Volume & Turnover

Volume was significantly elevated in the late afternoon and early evening session (18:30–20:30 ET-1), peaking at 1,400,294 units. This coincided with a sharp drop in price from $0.205 to $0.197. However, turnover dropped sharply in the late-night session, indicating reduced interest. A divergence between price and volume in the 22:00–04:00 ET window suggests waning bearish conviction and potential for a near-term bottom.

Fibonacci Retracements

Using the swing high at $0.2127 and the swing low at $0.1951, the 38.2% Fibonacci retracement level is at $0.2039, while the 61.8% level is near $0.1991. The price has bounced off the 61.8% level on two occasions, suggesting strong near-term support. A break below $0.1951 could see the next target at $0.1895–$0.1870.

Backtest Hypothesis

The inability to fetch the RSI series for MIRAUSDT has temporarily hindered the development of a backtesting strategy. Without access to RSI, it is difficult to assess potential overbought or oversold conditions that could be used to design a rule-based trading strategy. The next step is to either wait for service restoration, switch to an alternative data source such as a MIRA-USDC pair, or request raw daily OHLCV data to compute the RSI locally. Once RSI data is available, a potential strategy may involve long entries when RSI crosses above 30 from below, with stop-losses placed at recent swing lows and take-profit levels aligned with Fibonacci retracement levels.