Market Overview for Manchester City Fan Token/Tether (CITYUSDT): 24-Hour Analysis

• The 24-hour candle for CITYUSDT declined by -9.4% with a low of $0.461 amid a sharp bearish reversal.
• Momentum indicators showed extreme oversold RSI (12.1) and a negative MACD divergence, hinting at possible bounce.
• Volatility expanded significantly following the breakdown of key support at $0.899, with volume spiking on the downward move.
• Bollinger Bands widened during the selloff, while Fibonacci levels at $0.461 and $0.361 became critical for near-term sentiment.
• Backtesting suggests a reversal setup may emerge from key support levels if buyers re-enter the market.

The CITYUSDT pair opened at $0.948 on 2025-10-10 12:00 ET, hit a high of $0.959 before plummeting to a 24-hour low of $0.361, and closed at $0.793 at 2025-10-11 12:00 ET. Total volume traded was 19,419,610.14 USDT, with a notional turnover of approximately $15,447,623. The price action unfolded around a series of bearish engulfing patterns and a breakdown below key psychological levels, triggering panic selling.

Structure & Formations

The breakdown of the $0.899 support level acted as a psychological trigger, accelerating the selloff. This level had previously acted as a minor resistance during the early part of the session. After the breakdown, the price moved into a freefall phase, forming a long bearish candle with a high wick from $0.899 to $0.938 and a close at $0.461. A potential bullish engulfing pattern could form if buyers regain control near the 0.361 level. Several doji-like candles near the $0.790–0.800 range suggest indecision among traders ahead of a potential consolidation phase.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both bearishly aligned, with the price closing below both, indicating continued downward pressure. On the daily chart, the 50-period MA has just crossed below the 200-period MA, signaling a potential medium-term bearish trend. The 100-period MA also remains bearish, with the price showing no immediate signs of crossing above it unless a strong reversal occurs.

MACD & RSI

The MACD turned negative with a bearish crossover, reflecting deteriorating momentum. RSI plunged to 12.1 by the end of the 24-hour period, indicating a strong oversold condition. This raises the possibility of a short-term bounce, particularly if the price stabilizes near $0.461 or $0.361. However, without a strong follow-through in volume, a sustained reversal seems unlikely. A MACD histogram divergence on the 15-minute chart also suggests a potential turning point in the short-term trend.

Bollinger Bands

The Bollinger Bands expanded significantly during the selloff, with the lower band tightening around the $0.361 level. The price closed near the lower band at the end of the session, indicating high volatility and a potential bounce if buyers step in. The expansion of the bands also suggests that volatility is likely to remain elevated in the short term, creating a higher probability of sharp price swings.

Volume & Turnover

Volume surged during the breakdown below $0.899 and the subsequent move to $0.461, with the largest volume spike occurring at the $0.899–0.871 level. Notional turnover spiked from $677,000 to over $3.7 million during the selloff. However, as the price approached $0.461, volume began to taper off, suggesting a lack of conviction in the bearish move. A divergence between the price and volume could hint at a potential reversal in the near term, especially if buyers re-enter the market.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing from $0.959 to $0.361, the 38.2% level sits at approximately $0.688, the 61.8% level at $0.555, and the 78.6% level at $0.443. The price closed near the 78.6% retracement level, making it a key area to watch for potential support. If the price continues to fall, the 100% retracement level at $0.361 could become a significant psychological floor for buyers to step in.

Backtest Hypothesis

Based on the technical setup and the recent price action, a potential reversal backtest strategy could involve a long entry at or near the 78.6% Fibonacci level ($0.443) with a stop-loss just below $0.361. The strategy would look for confirmation in the form of a bullish engulfing candle on the 15-minute chart, a positive MACD crossover, and a surge in volume. If successful, the initial target would be the 61.8% retracement level at $0.555, followed by the 38.2% at $0.688. The RSI in the oversold territory provides a favorable setup for a short-term bounce, but traders should remain cautious of a breakdown below $0.361, which could extend the downtrend further.