Market Overview for Decentraland/Tether (MANAUSDT): 2025-10-28 12:00 ET to 2025-10-29 12:00 ET

• Decentraland/Tether (MANAUSDT) closed 1.2% lower in 24 hours, showing bearish momentum and low volatility.
• Price formed a key bearish reversal pattern near 0.237–0.239, suggesting potential short-term weakness.
• Volume spiked during the sharp intraday dip but failed to confirm a strong reversal, hinting at indecision.
• RSI entered oversold territory, hinting at potential bounce, while MACD turned negative, reinforcing bearish bias.

On the 24-hour chart for Decentraland/Tether (MANAUSDT), the pair opened at 0.2421 and closed at 0.2384, with a high of 0.2447 and a low of 0.2333. Total volume for the period was 12,199,669, while notional turnover reached $2,985,941. The price action displayed a bearish bias, with a sharp decline occurring between 19:30 and 20:30 ET as volume surged and price tested key support levels.

The 15-minute chart revealed a series of bearish reversal patterns, including a harami and a bearish engulfing pattern near the 0.239–0.237 level. These formations coincided with a pullback in momentum, as confirmed by the MACD line crossing into negative territory and the RSI entering oversold conditions. The 20-period and 50-period moving averages were both below the current price, reinforcing the bearish structure.

Bollinger Bands showed a moderate contraction during the overnight hours, followed by a sharp expansion as the price broke lower. The 0.234–0.236 level acted as immediate support, but the close near this area failed to generate a clear bullish confirmation. Fibonacci retracement levels from the recent high of 0.2447 to the low of 0.2333 highlighted key levels at 0.2376 (38.2%) and 0.2362 (61.8%). The price remains poised to test these levels, with 0.2340 emerging as a critical support.

Volume and turnover diverged during the morning hours, with volume remaining subdued despite a partial recovery in price. This divergence suggests a lack of conviction among buyers. The 50-period MA at 0.2395 and the 200-period MA at 0.2365 provide directional context, with the price currently below both, indicating a continuation of the bearish trend may be likely.

Backtest Hypothesis

Given the bearish harami pattern observed in the 15-minute chart, a potential short-side backtest could be constructed using the signal as a sell trigger. The idea would involve shorting upon confirmation of the harami pattern (close of the second candle below the first) and exiting after a fixed time horizon or when a stop-loss is breached. The backtest could be evaluated from 2022-01-01 to 2025-10-29, using a stop-loss and a profit target based on a 1.5x risk-to-reward ratio. The hypothesis would test how frequently this pattern leads to bearish continuation in the MANAUSDT pair under varying volatility conditions.