Market Overview for Metis/Tether (METISUSDT) – 2025-11-03

• Price dropped 6.18% in 24 hours, closing near Fibonacci 61.8% support.
• RSI approached oversold levels (<30), suggesting potential short-term rebound. • Volume surged during the bearish breakdown, confirming downward momentum. • Bollinger Bands widened mid-day, reflecting increased volatility. • A bearish engulfing pattern formed late morning, signaling a reversal risk.

Metis/Tether (METISUSDT) opened at $9.41 on 2025-11-02 12:00 ET, peaked at $9.68, and closed at $8.76 as of 2025-11-03 12:00 ET. Total traded volume over the 24-hour period was **139,235.03 units**, with a notional turnover of **$1,237,960**. The pair exhibited pronounced bearish momentum, breaking below key psychological and Fibonacci support levels.

Structure & Formations

Price formed a bearish engulfing pattern at 2025-11-02 22:30 ET, confirming a shift in sentiment after a brief bullish bounce. Later, a breakdown below the 9.32–9.42 consolidation range accelerated the sell-off. Notable support levels identified include the 9.00 (Fibonacci 61.8%) and 8.60 (Psychological) levels. A doji at 05:45 ET signaled indecision during the retracement.

The 15-minute chart shows a clear breakdown in structure, with the price failing to hold above the 20-period moving average for most of the session.

Moving Averages and MACD/RSI

The 20-period moving average on the 15-minute chart declined sharply, crossing below the 50-period line to signal bearish bias. Daily 50-period and 200-period lines also show a negative slope, confirming the bearish trend.

MACD turned negative after 03:00 ET, with bearish divergence and a deepening histogram. RSI reached 27 in the final hours, entering oversold territory and hinting at a potential rebound. However, a strong close below 9.00 would negate this signal.

Volatility and Fibonacci Levels

Bollinger Bands expanded significantly during the selloff, with price reaching the lower band at 8.60 by 04:15 ET. Volatility increased from a width of ~0.08 to ~0.20 during the day, suggesting heightened fear.

Fibonacci retracement levels aligned with key price levels, including 61.8% at 9.00 and 50% at 9.41. The breakdown below 9.00 suggests a target of 8.60–8.35.

Volume and Turnover Analysis

Volume spiked during the bearish breakdown, particularly between 03:00 and 04:00 ET, where it exceeded 17,000 units in a single hour. Notional turnover surged in the same period, confirming the bearish move. No significant divergence was observed between price and volume.

Backtest Hypothesis

The bearish engulfing pattern observed in the data could serve as a sell trigger for a short-term strategy. For a backtesting approach, identifying the correct ticker symbol (e.g., for an ETF like “HOLD” or similar) is essential. Once confirmed, the strategy could use bearish engulfing signals from 2022-01-01 to 2025-11-03, with sell signals placed at the next open and buy-back after a one-day holding period. The performance would depend on pattern accuracy and volatility.