Market Overview: Metis/Tether (METISUSDT) — 24-Hour Performance on 2025-09-21

• Price opened at $15.27 and closed at $15.07 after hitting $15.33 (high) and falling to $14.91 (low)
• A sharp sell-off occurred in the early hours, followed by a consolidation around $15.10
• Volume spiked during the initial drop but remained moderate in the later consolidation phase
• RSI reached oversold territory, while MACD showed a bearish crossover
• Bollinger Bands widened during the decline, indicating heightened volatility

24-Hour Performance

Metis/Tether (METISUSDT) opened at $15.27 on 2025-09-20 at 12:00 ET, reaching a high of $15.33 and a low of $14.91 before closing at $15.07 on 2025-09-21 at 12:00 ET. Total volume for the 24-hour window was approximately 59,270.16 units, while notional turnover reached $907,964.00. The pair experienced a clear downward trend, with bearish momentum dominating the early part of the session.

Structure & Formations

The candlestick structure revealed a strong bearish bias, with a key high at $15.33 failing to hold and giving way to a sharp decline into $14.91. A bearish engulfing pattern formed near $15.13–$15.15, confirming a shift in sentiment. A doji appeared near $15.10–$15.12 in the mid to late hours, suggesting a potential reversal. Key support levels identified include $15.10 and $14.91, while resistance remains at $15.15 and $15.22.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remained bearish, with price staying well below both. The 50-period MA crossed below the 100-period and 200-period lines on the daily chart, reinforcing the bearish trend. Short-term traders may monitor the 20-period MA for possible short-term bounces, but the dominant trend remains downward.

MACD & RSI

The MACD showed a bearish crossover in the early hours of the decline, confirming the sell-off. RSI dipped below 30 into oversold territory, suggesting a potential rebound. However, the overbought readings seen earlier in the session failed to reverse the trend. The combination of bearish momentum and oversold RSI may set up a short-term bounce but not a reversal of the larger trend.

Bollinger Bands

Bollinger Bands expanded significantly during the drop, with price moving below the lower band at $14.91. This expansion indicates increased volatility and a heightened probability of a short-term bounce. However, the width of the bands and the depth of the move suggest continued bearish pressure unless a strong counter-trend reversal forms.

Volume & Turnover

Volume spiked during the early sell-off, with a large 15-minute candle reaching $15.13–$15.05 and a volume of 2,022.264 units. Turnover also rose sharply, confirming the bearish move. Later in the session, volume and turnover declined, suggesting fading momentum. A divergence appeared between volume and price as the pair moved sideways in the afternoon.

Fibonacci Retracements

Fibonacci levels applied to the key swing high ($15.33) and low ($14.91) suggest potential support and resistance at 38.2% ($15.19), 50% ($15.12), and 61.8% ($15.05). Price bounced near the 50% and 61.8% levels but failed to hold at 38.2%. Short-term traders may watch the 61.8% retracement level at $15.05 for signs of a potential bounce.

Backtest Hypothesis

Applying a simple strategy based on the bearish engulfing pattern near $15.13–$15.15 could yield a high-probability short entry. The pattern confirmed a breakdown, and a stop loss could be placed above the high of the engulfing candle at $15.23. A target for the move could be the next key support at $14.91, aligning with the 61.8% Fibonacci level. While the RSI reaching oversold territory may encourage a bounce, the bearish MACD and volume divergence suggest the trend is more likely to continue than reverse.