Market Overview for Metis/Tether (METISUSDT)

• Price dropped to $8.88 intraday but bounced strongly to close at $9.73
• High volume observed during the morning sell-off and afternoon recovery
• RSI bottomed in oversold territory, confirming short-term buying interest
• Bollinger Band contraction before the $9.25 support level preceded a sharp rebound
• MACD diverged before the bounce, suggesting potential reversal dynamics

Market Overview for Metis/Tether (METISUSDT)

Metis/Tether (METISUSDT) opened at $9.52 on 2025-10-22 at 12:00 ET and closed at $9.73 on 2025-10-23 at the same time. The 24-hour range was $8.88 to $10.18. Total volume amounted to 97,699.08 METIS, and notional turnover reached $966,167.48 USD. The pair experienced a sharp intraday decline followed by a strong afternoon and evening rebound, ending above the $9.50 psychological level.

Structure & Formations

The price action featured a key support level forming around $9.25, where the price found a floor during the morning hours. A strong bullish engulfing pattern emerged after the $9.25 rebound, followed by a confirmed breakout above the pre-rebound resistance at $9.50. A bearish doji formed at the top of the prior consolidation near $10.05, signaling indecision before the downward reversal.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs crossed during the rebound phase, with the 20 SMA crossing above the 50 SMA, signaling a short-term bullish bias. On the daily chart, the 50-period and 100-period SMAs are closely aligned, but the 200-period SMA remains below the current price, indicating a potential mid-term uptrend is forming.

MACD & RSI

MACD showed a bearish crossover just before the price drop, followed by a strong bullish crossover during the afternoon rebound. RSI hit an oversold level of 28 before the rebound, confirming the strength of the bounce. Currently, RSI is back above 50 and trending upward, but it has not yet entered overbought territory, suggesting further momentum could follow.

Bollinger Bands

Bollinger Bands experienced a contraction near $9.30, signaling a potential breakout period. After the bounce, price extended to the upper band, reaching $9.80 and $9.85, suggesting volatility is rising again. The recent move suggests price may test the upper band again in the next 24 hours, depending on volume and order flow.

Volume & Turnover

The largest volume spike occurred during the morning sell-off at $9.25, followed by a smaller but significant volume expansion during the afternoon rebound. Turnover also increased during the rebound, confirming the strength of the move. No significant divergence between volume and price was observed, supporting the view that the bounce is genuine and not a false break.

Fibonacci Retracements

Key Fibonacci levels for the intraday swing were 38.2% at $9.38 and 61.8% at $9.52. The price rebounded off the 61.8% retracement level, reinforcing its significance. For the broader daily swing from $8.88 to $10.18, the 50% retracement level is at $9.53—very close to where the price closed today—further confirming support.

Backtest Hypothesis

Applying a backtest to Metis/Tether could involve refining a strategy that capitalizes on the observed RSI and MACD signals. Given the strong bounce from the $9.25 level and the RSI bottoming in oversold territory, a strategy using a 14-day RSI with a 70 overbought threshold and 30 oversold threshold could be relevant. MACD crossover confirmation would strengthen entry signals. A stop-loss just below the recent support at $9.25 and a take-profit at the 61.8% Fibonacci level at $9.52 could be used to manage risk. This setup could be backtested using the same OHLCV data provided, with performance metrics evaluated over the same time window.