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Summary
• Price action formed key support near 0.660 and tested resistance at 0.675–0.680.
• Momentum suggests a potential short-term overbought condition, though not extreme.
• Volatility expanded as the price moved above the 20-period moving average.
• Volume surged during the 9:00–10:30 ET session, confirming bullish sentiment.
• A bullish engulfing pattern appeared after a short-term pullback near 0.665.
The 24-hour chart for Manchester City Fan Token/Tether (CITYUSDT) opened at 0.673, reached a high of 0.690, a low of 0.658, and closed at 0.674 by 12:00 ET. Total volume for the period was 398,109.67 and turnover amounted to 269,254.15.
Structure & Formations
Price found strong support near 0.660–0.665 and tested resistance levels at 0.675–0.680 multiple times. A bullish engulfing pattern emerged near 0.665 after a pullback, suggesting potential for a reversal. A small doji appeared near 0.671, signaling indecision.
Moving Averages
On the 5-minute chart, the 20-period moving average crossed above the 50-period, reinforcing a bullish bias. On the daily chart, the 50-period moving average appears to act as a minor support level near 0.665.
MACD & RSI
The MACD crossed into positive territory during the early morning hours, supporting a short-term bullish stance. RSI briefly entered overbought territory near 0.675–0.680, suggesting potential for a near-term pullback.
Bollinger Bands
Volatility expanded after 6:00 ET, with price reaching the upper Bollinger band at 0.690. Price has since retracted and now appears to be consolidating within the bands, suggesting continued sideways movement unless a breakout is confirmed.
Volume & Turnover
Volume surged between 9:00–10:30 ET, coinciding with a strong move from 0.668 to 0.684. Turnover matched this increase, confirming the bullish momentum. Divergence was observed between price and volume during the 11:30–12:00 ET consolidation phase.
Fibonacci Retracements
On the 5-minute chart, price pulled back to the 61.8% level after reaching 0.690, suggesting potential support near 0.669–0.670. Daily Fibonacci levels indicate key resistance around 0.685 and possible support at 0.655.
While the near-term bullish momentum appears intact, the market may face a test of its ability to hold key support levels if volatility increases. Investors should remain cautious of potential overbought conditions and short-term pullbacks in the next 24 hours.
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