Market Overview for Mira/Tether (MIRAUSDT): October 7, 2025

• Mira/Tether (MIRAUSDT) closed lower at $0.5902 after a volatile 24-hour session with a high of $0.6277 and a low of $0.5519.
• Momentum slowed late in the day as RSI moved into oversold territory, suggesting potential for near-term rebound.
• Volatility expanded significantly during the session with volume peaking at over 1.2M during the sharp decline.
• Bollinger Bands reflected a wide price range, indicating high uncertainty in the short term.
• A bearish engulfing pattern emerged near the high, signaling short-term pressure.

Mira/Tether (MIRAUSDT) opened at $0.594 on October 6 at 12:00 ET and closed at $0.5902 on October 7 at the same time, with a high of $0.6277 and a low of $0.5519 during the 24-hour window. Total volume traded amounted to 11,431,028.9 units, while turnover reached $6,872,615.41. The price exhibited a significant bearish trend, especially after 14:15 ET when a large bearish candle opened the decline to $0.5676.

The chart shows multiple key support levels forming around $0.5800 and $0.5666, while resistance appears to have failed at $0.6050 and $0.6277. A bearish engulfing pattern emerged at $0.6277, signaling a potential continuation of the downward move. A doji candle near $0.5900 hinted at indecision and could represent a short-term turning point.

Moving averages on the 15-minute chart suggest a strong bearish bias, with the 20-period and 50-period moving averages both trending downward. On the daily chart, the 50-day, 100-day, and 200-day moving averages are also bearish, reinforcing the downward trend. The price remains well below all key moving averages, indicating a bearish continuation in both timeframes.

MACD and RSI indicators confirmed the bearish momentum. The MACD line crossed below the signal line into negative territory, while the RSI dipped below 30, entering oversold conditions. Bollinger Bands showed a wide expansion, with the price sitting near the lower band, indicating heightened volatility and possible mean reversion. These signals together suggest a high probability of a bounce from the oversold level, but the overall trend remains bearish.

Fibonacci retracement levels from the recent high ($0.6277) to the low ($0.5519) show critical levels at 38.2% ($0.5966) and 61.8% ($0.5681), where price appears to have found temporary support. The 61.8% level was tested multiple times and appears to be a potential zone for a short-term bounce. However, given the volume confirmation of the breakdown, a further test of the 50% level ($0.5898) could still be expected.

Volume and turnover data revealed a strong divergence as the price declined. The heaviest volume was observed during the sharp drop to $0.5676, confirming the bearish move. However, as the price approached the 61.8% Fibonacci level, volume declined, which could suggest that the bearish momentum is losing steam. Investors should monitor for a volume spike on a rebound to confirm a potential reversal or a continuation of the downtrend.

Backtest Hypothesis

Given the bearish engulfing pattern, oversold RSI, and Fibonacci retracement levels, a backtesting strategy could be constructed that looks for a short entry on a close below the 61.8% Fibonacci level ($0.5681) with a stop-loss above the recent high of $0.5898 and a take-profit near $0.5519. The strategy would also consider volume divergence as a confirmation signal—specifically, a decrease in volume during the rebound could suggest weakening bullish momentum. A trailing stop could be used to lock in gains as the price moves lower, with an exit above the 50-period moving average indicating a potential reversal.