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

• Price declined from 0.758 to 0.740, with a bearish breakdown below 0.755
• Volume surged during the initial hours, confirming downward momentum
• Bollinger Band contraction and RSI near oversold levels suggest potential bounce

• A 15-minute doji at 0.745 implies indecision, but volume remains bearish
• Fibonacci retracement levels at 0.741 (61.8%) and 0.746 (38.2%) are key watchpoints
• Downturn in price is supported by falling 20- and 50-period moving averages

The 24-hour period for Manchester City Fan Token/Tether (CITYUSDT) began at 0.756, reached a high of 0.763, dropped to a low of 0.730, and closed at 0.740. The pair saw a total volume of 291,433.09 and notional turnover of $216,360.41. The price action reflects a bearish bias, with volume intensifying during the early hours of the session.

Structure & Formations

The price action over the 24-hour period shows a bearish breakdown, with a key support level forming at 0.741. A doji candle at 0.745 on the 15-minute chart signals short-term indecision, but the bearish bias remains strong. The price appears to be consolidating near the 61.8% Fibonacci retracement of the prior upward swing, suggesting a potential bounce or continuation of the downtrend could occur.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart are trending lower, reinforcing the bearish momentum. On the daily chart, if the 50-period and 100-period moving averages are similarly aligned, it may confirm a long-term bearish bias.

MACD & RSI

The RSI has dropped below 30, signaling an oversold condition, while the MACD line has crossed below its signal line in a death-cross pattern. This suggests that the downward momentum is strong, but an overbought rebound could be imminent.

Bollinger Bands

The price is now consolidating near the lower Bollinger Band, indicating a potential bounce. However, the bands are relatively wide, suggesting that volatility remains high and that further downside could occur before a reversal.

Volume & Turnover

The highest volume occurred during the early hours, when the price fell from 0.763 to 0.740, confirming the bearish bias. The notional turnover also spiked during this period, aligning with the price action and suggesting strong conviction in the move lower.

Fibonacci Retracements

The 0.618 Fibonacci retracement level at 0.741 appears to offer the strongest support, and the price has held near this level in the last few hours. A break below this could trigger a retest of the 0.736 level. On the 15-minute chart, the 0.745 retracement has been a minor resistance, indicating possible rejections or bounces.

Backtest Hypothesis

Unfortunately, the requested technical indicators (MACD and RSI) for CITYUSDT are not currently available in our historical data repository, which prevents the backtesting strategy from proceeding. This is likely due to the token's limited recognition in the asset universe of the indicator service. However, the strategy would involve identifying MACD death-cross and RSI < 30 as buy signals, with a 7-day holding period to evaluate performance. If you can provide the full OHLCV data in CSV or JSON format, or if a substitute asset like BTCUSDT is acceptable, the backtest can be initiated immediately.