Summary
•
tested key support at 0.663, forming a bullish engulfing pattern during consolidation.
• Volume spiked at 22:00 ET but failed to confirm a sustained upward move.
• RSI remained in mid-range (45–55), suggesting sideways momentum with no overbought or oversold signals.
• Bollinger Band contraction observed overnight, hinting at a potential breakout in the next 24 hours.
• Price remained below the 20-period MA for most of the 24-hour window, showing bearish bias.
Manchester City Fan Token/Tether (CITYUSDT) opened at 0.673 on January 17 at 12:00 ET, reached a high of 0.674, and closed at 0.664 by 12:00 ET on January 18, with a low of 0.661. Total volume was 205,102.70, and notional turnover amounted to 135,105.42 USDT.
Structure & Formations
CITYUSDT formed a bullish engulfing pattern near 0.663 after a consolidation phase, indicating short-term buyers stepped in. However, the price failed to break above the 0.673 resistance level, which acted as a ceiling in multiple 5-minute intervals. A bearish pinbar formed at 22:45 ET, suggesting sellers regained control before a pullback.
Moving Averages and MACD
The 20-period MA hovered around 0.669–0.670, while the 50-period MA remained higher at 0.671–0.672, showing a bearish crossover for much of the day. The MACD line oscillated around the signal line, confirming lack of directional momentum. A weak positive divergence appeared as the price bottomed near 0.661, while the MACD showed a slight upward tick.
RSI and Bollinger Bands
Relative Strength Index (RSI) remained in a neutral range of 45–55 for most of the 24 hours, with no clear overbought or oversold conditions. Bollinger Bands contracted between 01:00 and 05:00 ET, reducing volatility and suggesting a potential breakout scenario. The price spent most of the session inside the lower half of the bands, showing bearish sentiment.
Volume and Turnover
Volume spiked to 30,370.87 at 22:00 ET but was followed by a bearish close, indicating a failed breakout attempt. Turnover mirrored volume closely, with the highest notional value of 20,337.76 USDT during this time. A divergence between rising volume and stagnant price movement was observed during the 22:00–23:00 ET period, suggesting indecision in the market.
Fibonacci Retracements
Fibonacci retracement levels applied to the 0.661 to 0.674 move showed key support at 0.666 (38.2%) and 0.663 (61.8%). The price found temporary support at 0.663–0.664, aligning with the 61.8% level, and may test this again if a bullish reversal occurs.
CityUSDT appears poised for a directional move following the recent consolidation and Bollinger Band contraction. A break above 0.673 could attract new buyers, but investors should remain cautious of a potential pullback to the 0.661 level if bearish momentum resurfaces.
Comments
No comments yet