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

• Price surged from 1.013 to 1.104 before retracing to 1.023.
• High volatility seen post-17:00 ET with volume peaking at 500,427.14.
• RSI and MACD suggest overbought-to-neutral momentum shift.
• Bollinger Bands show expansion and contraction phases.
• Volume and price divergence noted post-1.093 high.

The Manchester City Fan Token/Tether USDt (CITYUSDT) opened at 1.021 on 2025-09-04 at 16:00 ET and surged to a high of 1.104 before correcting to a 24-hour close of 1.023 at 12:00 ET. Total volume for the period was 1,643,531.95, with turnover reaching $1,685,513.20, showing strong engagement during the rally. The price action reflects heightened volatility, particularly post-17:00 ET.

Structure & Formations

CITYUSDT exhibited a bullish breakout from the 1.02–1.03 range, followed by a sharp retracement and consolidation around key support at 1.02–1.023. A long bearish shadow on the candle closing at 1.023 on 09:00 ET suggests buyer resilience after the earlier pullback. The formation of a potential bullish engulfing pattern from 1.02–1.026 at 09:45 ET–10:00 ET hints at renewed buying interest. A doji at 1.023 around 11:45–12:00 ET signals indecision, suggesting traders may be waiting for a catalyst or reversal signal.

Moving Averages

On the 15-minute chart, the price closed above both 20-period and 50-period moving averages, indicating short-term bullish momentum. The 50-period MA is currently around 1.022, acting as a dynamic support level. On the daily chart, the 50-period MA is at 1.025, slightly above the 200-period MA of 1.021, suggesting a mildly bullish bias over a longer horizon. CITYUSDT remains within the 50–200 MA bullish “golden cross” trend.

MACD & RSI

The MACD line crossed above the signal line just after the 1.03–1.034 rally, confirming a bullish momentum shift, but has since pulled back. RSI reached overbought territory at 75 during the 1.104 high but has since retreated to neutral levels, currently at 52. This suggests potential exhaustion of the upward move and a possible consolidation phase.

Bollinger Bands

Bollinger Bands expanded significantly during the 1.03–1.093 rally, indicating heightened volatility. The price has since retracted to the lower band, hovering near 1.022, with the 1.02–1.025 range forming a potential volatility contraction phase. This could signal an upcoming breakout or reversal attempt from this key level.

Volume & Turnover

Volume spiked to 500,427.14 on the candle closing at 1.093, supporting the strength of the move to 1.104. However, subsequent volume has declined, indicating weaker follow-through. Notional turnover followed the same pattern, peaking during the rally and tapering off in the consolidation phase. A divergence between price and volume post-1.093 high raises questions about the sustainability of further upward moves.

Fibonacci Retracements

Applying Fibonacci to the 1.02–1.104 move, the 61.8% level sits at 1.064, which aligns with the 1.055–1.075 consolidation area. The 38.2% level is at 1.057, coinciding with a support zone in the 1.025–1.03 range. These levels may act as potential resistance or support for the next 24 hours.

Backtest Hypothesis

The backtesting strategy described involves entering a long position when price closes above the 50-period MA on the 15-minute chart and MACD line crosses above the signal line, both confirming upward momentum. A stop-loss is placed below the 20-period MA, and a target is set at the 61.8% Fibonacci retracement level. Given today’s action, this strategy would have entered a long position after 17:00 ET, holding through the consolidation and exiting at the 1.093 high. While profitable, the subsequent pullback highlights the need for tighter trailing stops or additional confirmation signals to avoid early exits during volatile pullbacks.