Manchester City Fan Token/Tether Market Overview

• Price declined from 1.047 to 1.035, with key support at 1.03
• Momentum weakened as RSI dropped below 50, indicating bearish bias
• Volatility expanded mid-day before consolidating near 1.035
• High volume observed during early downward move
• No clear bullish reversal patterns emerged in last 24 hours

The Manchester City Fan Token/Tether (CITYUSDT) opened at 1.039 on 2025-09-16 12:00 ET, reached a high of 1.05, touched a low of 1.026, and closed at 1.035 at 12:00 ET the next day. Total volume for the 24-hour period was 471,212.09 and total turnover was 486,528.07. The pair displayed a moderate bearish bias amid fluctuating volume and price.

Structure & Formations

Price formed a series of bearish candlestick patterns, particularly from 08:30 to 10:30 ET, with a key bearish engulfing pattern observed on 2025-09-17 10:30. A strong support level appears to have formed at 1.03–1.035, with price bouncing off it three times over the past 12 hours. A doji at 1.035 on 03:30 ET suggests indecision and potential consolidation. Resistance is forming at 1.044–1.045, which has previously capped upward moves.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs are converging below the price, suggesting a short-term bearish trend. The 20SMA crossed below the 50SMA mid-day, signaling a potential bearish crossover. On the daily chart, the 50 and 100-day moving averages are closely aligned just above the 1.04 level, while the 200-day MA remains higher, indicating a longer-term neutral to bearish setup.

MACD & RSI

MACD remains in negative territory, with the line dipping below the signal line in early morning hours. RSI has declined below 50 to a low of 32, indicating oversold conditions around 1.032–1.035. However, RSI has not yet formed a bullish divergence, so a reversal may still be some time away. Momentum appears to be waning after a brief rebound around 1.04.

Bollinger Bands

Volatility expanded between 03:30 and 05:30 ET, as price moved above the upper Bollinger Band and later collapsed into the lower band by 09:45 ET. The narrowing of the bands between 14:45 and 15:00 ET suggests a potential breakout, but price failed to follow through decisively. Currently, price is sitting near the lower band, consistent with a bearish setup.

Volume & Turnover

Trading volume spiked during the bearish move from 1.047 to 1.032, particularly on the 10:30 candle, which recorded a high of 25,420.72 in volume. The subsequent consolidation has seen volume decrease, with turnover also dropping. Price and turnover appear to be aligned during the decline, but not during the recovery phase, which may suggest limited conviction in the rally.

Fibonacci Retracements

On the 15-minute chart, the key Fibonacci levels from the 1.026 low to the 1.05 high are 1.039 (38.2%) and 1.044 (61.8%). Price has bounced off the 38.2% level multiple times in the last 24 hours but has yet to test the 61.8% level. Daily Fibonacci levels suggest 1.037 as a potential support and 1.045 as a resistance ahead of the 1.05 major high.

Backtest Hypothesis

A potential backtest strategy involves entering a short position when price breaks below the lower Bollinger Band with volume above 20,000 and RSI below 40. A stop-loss could be placed at the nearest Fibonacci retracement level (38.2%), and a target at the next 1.5% level below. This setup aligns with the observed bearish momentum and overbought conditions in the recent 24-hour window, particularly during the consolidation phase between 09:30 and 11:30 ET.