Market Overview for Decentraland/Tether (MANAUSDT)

• Price action showed bearish pressure with a 0.24% drop.• RSI indicated moderate momentum with no overbought or oversold extremes.• Volume surged during a late-night rebound attempt.

24-Hour Price Action

Decentraland/Tether (MANAUSDT) opened at 0.2345 on 2025-11-09 at 12:00 ET and closed at 0.2306 on 2025-11-10 at 12:00 ET. The 24-hour high was 0.2386 and the low was 0.2293. The total traded volume over the period was 3,347,276.0 units, with a notional turnover of approximately 763,345.5 USD.

Structure & Formations

The price action displayed a bearish bias, with a significant drop in the late ET hours. A bearish engulfing pattern emerged at 0.2345–0.2330, confirming the downward momentum. A potential support level appeared near 0.2320, where the price found temporary relief, and a key resistance level around 0.2365 was retested multiple times but failed to break through.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages were both in a downward alignment, with the price trading below both. This suggests a short-term bearish bias. The RSI hovered around 48–52, indicating a neutral to slightly bearish momentum. The MACD was negative, with a narrowing histogram, suggesting decreasing bearish momentum but still in a weak state.

Volatility and Volume Insights

The price moved within a relatively wide Bollinger Band range, with the lower band acting as a key support level near 0.2298–0.2303. Volatility expanded during the early morning ET hours when the price dropped from 0.2321 to 0.2306. Notably, volume surged to 308,970 units during a sharp drop at 16:45 ET, indicating a potential short-covering or panic move, yet the price failed to bounce back.

Fibonacci and Key Levels

Fibonacci retracement levels highlighted potential support at 0.2320 (38.2%) and 0.2310 (61.8%) following a recent swing high. The price briefly tested the 0.2310 level but bounced off it with moderate volume, suggesting it may be a temporary support. On the daily chart, a strong resistance appears at 0.2365, where the price had previously failed to break through despite multiple attempts.

Backtest Hypothesis

The embedded backtest strategy focused on a simple “Bearish-Engulfing Buy / Next-Day Close” approach applied to the MANA-USDT pair. The analysis revealed that this strategy, which relies solely on a bearish engulfing pattern and a next-day exit, failed to produce a positive return over the 2022–2025 period. The strategy’s poor performance underscores the limitations of using standalone candlestick patterns without additional risk management or confirmatory signals. The lack of stop-loss and take-profit rules likely exacerbated the negative outcomes, especially in a volatile and mean-reverting asset like MANAUSDT.