Market Overview for Mira/Tether (MIRAUSDT) on 2025-11-02

• Price declined from 0.261 to 0.2483 over 24 hours.
• Volume surged near 212k with low price divergence.
• MACD likely bearish with RSI indicating oversold territory.
• Bollinger Bands show moderate contraction during consolidation.
• A bearish engulfing pattern emerged after a short-term high.

Opening Analysis

Mira/Tether (MIRAUSDT) opened at 0.2589 on 2025-11-01 at 12:00 ET and closed at 0.2483 by the same time on 2025-11-02. During the 24-hour period, the pair reached a high of 0.2623 and a low of 0.2480. The total traded volume was approximately 4,392,690.2, and the notional turnover amounted to $1,099,039.40 (assuming 1 Tether = 1 USD). The price action suggests a bearish sentiment with significant distribution at key resistance levels.

Structure & Formations

Key support levels are identified at approximately 0.2500 and 0.2480, while resistance is evident near 0.2600 and 0.2620. A bearish engulfing pattern formed after a rally to 0.2623, indicating potential further downside. Doji patterns appeared during consolidation phases, suggesting indecision among traders ahead of the downward move.

Moving Averages

On the 15-minute chart, the price closed below both the 20-period and 50-period moving averages, reinforcing the bearish bias. On the daily chart, the 50-period MA is approaching the 100-period and 200-period lines, which could trigger a bearish crossover if confirmed.

MACD & RSI

The MACD line dipped below the signal line and remained in negative territory, indicating fading momentum. RSI moved below 30, suggesting the pair may be entering oversold conditions. While this could trigger a short-term bounce, the overall trend remains bearish without a clear reversal.

Bollinger Bands

Bollinger Bands contracted during the early hours of the period before expanding as volatility increased. The price closed near the lower band on 2025-11-02, which could indicate potential for a bounce or further bearish continuation, depending on volume and order flow.

Volume & Turnover

Volume spiked during key distribution phases, notably around the 0.2600 and 0.2500 levels. A divergence between volume and price was observed during the final leg down, with lower volume despite a sharp decline. This suggests possible exhaustion among sellers and could hint at near-term consolidation or a reversal setup.

Fibonacci Retracements

The 61.8% Fibonacci retracement level is now around 0.2500, which coincides with a prior support area and has acted as a temporary floor. A break below this level could target 0.2450 as the next significant support. On the 15-minute chart, intraday swings suggest that 0.2550 may offer near-term resistance ahead of the 0.2600 level.

Backtest Hypothesis

To validate the bearish bias observed in the recent price action, a backtest strategy could be implemented focusing on detecting Bearish Engulfing patterns. These patterns typically occur after a period of bullish momentum and can signal a potential reversal in the trend. By identifying such patterns in historical MIRAUSDT data and applying them to a test strategy (e.g., shorting upon confirmation with a stop loss above the engulfing candle), we could assess the strategy’s robustness. Given the recent bearish engulfing pattern identified in the data provided, this approach may offer a viable framework for risk-adjusted returns, especially when combined with RSI and Bollinger Bands for confirming overbought or oversold levels.