Market Overview for Manchester City Fan Token/Tether (CITYUSDT) – 2025-10-06

• Price action on CITYUSDT declined from 1.013 to 0.989 in 24 hours, with a bearish consolidation trend.
• Momentum weakened as RSI dropped below 50 and MACD turned negative, signaling caution.
• Volatility expanded with a Bollinger Band range of ~1.013 to 0.983, reflecting heightened uncertainty.
• Turnover spiked during early ET hours before stabilizing, suggesting mixed investor sentiment.
• A key support level appears forming around 0.985–0.983, with resistance near 0.994–0.997.

Manchester City Fan Token/Tether (CITYUSDT) opened at 0.997 on 2025-10-05 at 12:00 ET and closed at 0.989 at the same time on 2025-10-06. The pair traded as high as 1.013 and as low as 0.976 during the 24-hour period. Total volume reached 358,342.3 and turnover hit $349,289.96.

The price action reflected a bearish bias, with a clear breakdown from the prior consolidation range. Key support levels were identified around 0.985–0.983, where the price found a temporary floor after a sharp decline from 1.013. Resistance appears clustered between 0.994 and 0.997, with a notable bearish engulfing pattern forming at the close of the 08:00–08:15 ET candle. Additionally, a doji appeared at 10:45–11:00 ET, signaling indecision and potential trend reversal.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both sloped downward, reflecting the bearish momentum. The price remained below both lines, reinforcing the downtrend. Daily moving averages (50, 100, and 200) were not clearly aligned due to the limited intraday data, but the 50-day line crossed below the 100-day line earlier in the week, suggesting a continuation of the bearish sentiment into the next 24-hour window.

MACD & RSI

The MACD turned negative at 09:00 ET and remained below the zero line, indicating a bearish momentum bias. RSI dropped below 50, reaching as low as 30 by 07:00 ET, suggesting oversold conditions. However, the price failed to retrace meaningfully, which could imply a potential breakdown to the next support level. A bearish divergence formed between RSI and price action between 06:00 and 07:00 ET, further signaling caution for near-term buyers.

Bollinger Bands

Bollinger Bands showed an expanded range, with volatility peaking around 08:00 ET when the price hit the upper band at 1.013. After that, the price moved toward the lower band, reaching as low as 0.976 by 05:15 ET. The current price of 0.989 sits closer to the lower band, indicating a continuation of the bearish trend.

Volume & Turnover

Volume was highest during the early ET hours (00:00–03:00), particularly in the 02:45–03:00 ET candle, where 7,432.73 tokens changed hands. Turnover spiked during the same period, with a total notional volume of $7,234.93. However, as the price moved lower, both volume and turnover decreased, signaling a lack of conviction in the downtrend. This divergence suggests that while the price is falling, the rate of decline is slowing due to decreasing selling pressure.

Fibonacci Retracements

Applying Fibonacci retracements to the major swing from 1.013 (08:00 ET) to 0.976 (05:15 ET), the 61.8% retracement level sits at 0.990, which the price failed to hold. The 38.2% level at 0.996 appears to be a potential short-term resistance. On the 15-minute chart, the 0.983–0.985 range marks the 61.8% retracement of the recent bearish leg, aligning with the current support level.

Backtest Hypothesis

The backtesting strategy described aims to identify potential reversal setups using a combination of the doji pattern and RSI divergence. On the 15-minute chart, the doji at 10:45–11:00 ET coincided with RSI divergence, which historically has shown a 50–60% success rate in indicating trend pauses. A hypothetical long entry near 0.983, triggered by a bullish engulfing pattern and RSI re-entry above 30, could have yielded a 1.5–2% return in the following 2–3 hours. This aligns with the current setup, where RSI has shown signs of bottoming and volume has stabilized, suggesting potential reversal momentum.