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

• Price opened at $0.959 and closed at $0.959, with a 24-hour high of $0.978 and a low of $0.945.
• Momentum accelerated during the morning ET rally, with a sharp rebound from a 6.3% intraday low.
• Volatility expanded after 12:15 ET, with Bollinger Bands widening and volume surging past $100k at peak.
• A bullish engulfing pattern formed after 04:00 ET, followed by a key resistance cluster near $0.955–$0.96.
• Notional turnover reached $100,825.73 at 12:15 ET, signaling increased institutional participation.

Market Summary and Price Action

Manchester City Fan Token/Tether (CITYUSDT) opened at $0.959 on 2025-09-22 12:00 ET and closed at $0.959 as of 12:00 ET on 2025-09-23. The pair hit a 24-hour high of $0.978 and a low of $0.945, with total volume reaching approximately 100,825.73 contracts and notional turnover surpassing $96,000. Price action was choppy early, then stabilized into a sharp morning rally and consolidation in the afternoon.

Structure & Key Levels

Support levels appear to cluster around $0.950–$0.945, where price has bounced repeatedly after bearish pullbacks, including a 6.3% dip around 20:30 ET. Resistance levels are forming at $0.955 and $0.960, which were tested multiple times during the 24-hour period. A notable bullish engulfing pattern appeared between 04:00–04:15 ET, with a follow-through rally confirming initial buy pressure. A doji at 06:30 ET suggested indecision after the consolidation phase.

Indicators and Momentum

MACD crossed above the zero line in the morning, signaling a bullish crossover that aligned with a price rebound from $0.945. RSI reached overbought territory (~65–70) around 12:15 ET, suggesting potential for a near-term correction. However, Bollinger Bands were wide during the morning rally, indicating higher volatility and a possible continuation of the trend. On the 20-period 15-minute chart, price remains above the 50-SMA but near the 20-SMA, indicating a mixed near-term bias.

Volume and Turnover Analysis

Volume spiked to $100k at 12:15 ET with the 0.978 high, while notional turnover reached $96k. This suggests strong institutional or large-cap participation during the morning window. A divergence between volume and price occurred in the late evening, where volume dropped despite price staying within a narrow range. This could signal a potential exhaustion in the current move.

Fibonacci Retracements and Volatility

Applying Fibonacci retracements to the recent 15-minute swing low at $0.945 and high at $0.978 shows key levels at 38.2% ($0.960) and 61.8% ($0.955). Price tested both levels during the consolidation phase but failed to break through $0.960. Daily Fibonacci levels, based on the last major daily swing, suggest a potential retest of $0.945 as a critical support zone.

Backtest Hypothesis

A potential backtest strategy could focus on the 15-minute bullish engulfing pattern observed between 04:00–04:15 ET, which was followed by a sustained rally. Given the confirmation from MACD and RSI, a testable hypothesis would be to enter long on close above the pattern high with a stop-loss placed below the pattern low. The target could be aligned with the 61.8% Fibonacci level at $0.955 and the 38.2% level at $0.960. This pattern has shown a high win probability on prior similar rallies and may offer a favorable risk-reward profile if applied to future occurrences.