Market Overview: Metis/Tether (METISUSDT) 24-Hour Summary

• Price declined sharply overnight but found support near $13.20 before rallying into the afternoon.
• High volatility observed, with a 15-minute swing range of up to $0.50 in early hours.
• Volume spiked during the sell-off but remained elevated during the recovery.
• RSI and MACD confirmed bearish momentum early, then showed early signs of a potential rebound.
• Price is currently consolidating near key Fibonacci levels and a critical 15-minute support zone.

Metis/Tether (METISUSDT) opened at $13.72 at 12:00 ET–1 and traded as low as $13.20 during a sharp selloff overnight before recovering to close at $13.56 at 12:00 ET. Total volume reached 28,048.5 METIS, with $378,451 in notional turnover over the 24-hour window. The pair displayed a volatile, range-bound profile, driven by mixed momentum and price action divergences.

Structure & Formations

Price action over the last 24 hours showed distinct bearish and bullish phases. A strong bearish candle on the 15-minute chart occurred at 04:15 ET (closing at $13.11), followed by a sharp rebound off support near $13.20. A bullish engulfing pattern formed at 05:45 ET as price retested and closed above that level. A key support zone between $13.16 and $13.22 appears to have held, with a 20-period 15-minute moving average now converging with price from below, suggesting possible exhaustion in the short-term bearish move.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed in the morning hours, with the 20-period line rising into alignment with price. The 50-period MA has moved from below to near current levels, suggesting a potential short-term equilibrium. On a daily timeframe, the 50- and 200-period MAs are converging from below, indicating a possible medium-term retest of the $13.60–$13.70 zone if buyers continue to show strength.

MACD & RSI

MACD turned positive during the afternoon session, with the line crossing above the signal line at 07:00 ET. RSI bottomed near 29 during the overnight selloff and recovered to 54 by the end of the day, indicating early signs of a potential reversal. However, momentum remains weak, and a sustained move above $13.70 would be needed for RSI to reach overbought territory.

Bollinger Bands

Bollinger Bands showed a clear volatility expansion during the overnight selloff, with price dropping below the lower band at 04:15 ET. Since then, price has bounced and has since traded within the bands, with the upper band currently at $13.73 and the lower at $13.30. The contraction in volatility over the last six hours suggests a potential for a breakout or continuation within the range. Price is currently near the middle band, indicating a neutral setup.

Volume & Turnover

Volume peaked during the overnight selloff, reaching a high of 4,421.3 METIS at 04:15 ET. This was accompanied by a 15-minute turnover spike of $58,751, confirming the bearish move. However, subsequent volume has remained elevated without a corresponding increase in price, suggesting a potential shift in conviction. The last 15-minute period saw volume of 807.0 METIS and a turnover of $11,067, indicating a consolidation phase.

Fibonacci Retracements

Applying Fibonacci retracements to the overnight swing low of $13.20 and the intraday high of $13.76, key levels include 61.8% at $13.56 and 38.2% at $13.48. Price has found a temporary floor at the 61.8% retracement level and has shown early signs of resistance near the 78.6% level at $13.69. A sustained close above $13.70 would likely trigger a retest of the 100% level at $13.86.

Backtest Hypothesis

A potential backtesting strategy involves using a combination of the 50-period 15-minute MA and RSI to identify early reversal signals. Specifically, long signals could be triggered when price closes above the 50 MA and RSI rises above 40 from below, while short signals may be triggered when price closes below the 50 MA and RSI drops below 60. The overnight selloff and subsequent rebound align with this hypothesis, suggesting that a strategy based on these criteria could have captured both the bearish and bullish phases. A backtest would need to evaluate the frequency and risk-reward ratio of such setups over multiple cycles.