Market Overview: Manchester City Fan Token/Tether (CITYUSDT)

• CITYUSDT opened at 1.055 and traded between 1.033 and 1.062 before closing at 1.043.
• Price action shows a bearish bias with a failed rebound above 1.05.
• Volatility expanded after 17:15 ET with a high-volume candle to 1.062.
• RSI dipped into oversold territory, suggesting potential short-term buying interest.
• Bollinger Bands widened as price moved toward the upper band before retreating.

At 12:00 ET on 2025-09-21, the Manchester City Fan Token/Tether (CITYUSDT) closed at 1.043, down from its 12:00 ET–1 open of 1.055. The 24-hour range spanned 1.033 to 1.062, with total volume at 1,254,280 and turnover reaching $1,310,462. The pair experienced a volatile session driven by mixed momentum and a bearish reversal pattern near the 1.062 peak.

Structure & Formations

The price formed a bearish engulfing pattern at the 1.062 high, indicating a strong rejection of higher prices. Key support levels emerged at 1.050 and 1.043, both of which held through several attempts to break higher. A doji formed at 1.047, suggesting indecision among traders as momentum weakened. The price found temporary resistance at 1.051 and 1.053, which may become relevant in the near term.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA showed a bearish crossover late in the session, reinforcing the downward bias. The daily chart indicates the 50DMA and 100DMA are in a slight convergence, but the 200DMA remains below the current price, signaling a moderate bearish trend. The 50DMA continues to act as a ceiling, limiting upside momentum.

MACD & RSI

The MACD line crossed below the signal line around 19:15 ET, confirming a bearish momentum shift. RSI dropped into oversold territory below 30 at 03:00 ET, hinting at potential short-term rebounds. However, the slow stochastic RSI remained bearish, with both lines below 30. The divergence between MACD and RSI suggests a potential pullback could be limited and short-lived.

Bollinger Bands

Bollinger Bands expanded significantly during the early part of the session, especially between 17:15 ET and 19:00 ET, reflecting heightened volatility. Price traded near the upper band during this period, but failed to sustain above it. As the session progressed, the bands began to contract, indicating a possible consolidation phase before the next directional move.

Volume & Turnover

Volume spiked to over 30,000 at 17:15 ET, coinciding with the high at 1.062. A second volume peak occurred at 03:30 ET, supporting the bearish breakdown to 1.043. Notional turnover rose in tandem with these volume spikes, reinforcing the price moves. A divergence between volume and price was observed during the 03:00–04:30 ET window, where lower volume supported a continued decline, suggesting weak follow-through from short sellers.

Fibonacci Retracements

Applying Fibonacci to the recent 1.062–1.043 move, the 61.8% level at 1.050 and 38.2% level at 1.056 were both tested. The 1.050 level has become a key support, and a break below it could target the next Fibonacci level at 1.047. On the daily chart, the 50% retracement from the recent high at 1.062 is at 1.050, aligning with the 15-minute levels and reinforcing its significance.

Backtest Hypothesis

The proposed backtest strategy involves entering a short position when the price breaks below the 1.050 Fibonacci level, with a stop loss above the 1.056 38.2% level. A take-profit target is set at the 1.043 level, where price found strong support. The 15-minute MACD crossover and RSI divergence during the 03:00–04:30 ET period provide a strong case for a short-term bearish strategy. Given the current setup, this approach may offer favorable risk-reward dynamics, provided the 1.050 level remains intact.