Market Overview for Mira/Tether (MIRAUSDT) – 2025-11-03

• Price declined sharply from $0.2463 to $0.2259 in 24 hours.
• A bearish breakout below key support at $0.237 confirmed a downward trend.
• Volume surged in the afternoon, signaling increased bearish conviction.
• RSI and MACD indicate oversold conditions, hinting at potential short-term bounce.
• Volatility expanded through Bollinger Bands, pointing to heightened market uncertainty.

Mira/Tether (MIRAUSDT) opened at $0.2401 at 12:00 ET–1 and closed at $0.2289 at 12:00 ET. The 24-hour range extended from a high of $0.2463 to a low of $0.2244. Total trading volume reached 979,024,000 tokens, with notional turnover (volume × price) amounting to $236.9 million. The pair has shown a strong bearish bias following a sharp breakdown from the $0.244 to $0.246 resistance cluster.

The price structure revealed a bearish breakdown from a key support level at $0.237, confirmed by a large bearish candle and a long lower wick. A bearish engulfing pattern formed at the breakout point, reinforcing the validity of the move. A doji formed near the $0.2281 level, suggesting potential short-term indecision. The Fibonacci 61.8% retracement level sits near $0.2259–$0.2264, which may act as a near-term support zone.

15-minute MACD turned negative, with the fast line below the slow line, confirming bearish momentum. RSI approached oversold territory, reaching 30, suggesting potential for a short-term bounce. Bollinger Bands displayed a wide expansion, reflecting heightened volatility. The 20-period EMA crossed below the 50-period EMA, forming a death cross, reinforcing bearish sentiment.

Volume and turnover spiked significantly in the early hours of the morning (ET), coinciding with the breakdown from $0.237 to $0.229. The divergence between price and volume was minimal, indicating strong conviction in the bearish move. Notable volume clusters were seen near $0.237–$0.240 and $0.225–$0.227, with the latter likely representing a new point of accumulation or short-term support.

Over the past 24 hours, the market appears to be in a clear bearish phase, with technical indicators and price action aligning to confirm the downward move. However, the RSI’s proximity to oversold levels and the doji near $0.2281 may hint at a potential short-term bounce or consolidation. Traders should monitor the $0.2259–$0.2264 zone for a potential floor or retest of the breakdown level. A rebound above $0.230 may rekindle near-term bearish momentum, but this remains speculative. Volatility remains high, and sudden corrections could occur if liquidity is found in key levels.

Backtest Hypothesis

Given the recent breakdown from key support and the bearish confirmation by candlestick formations, a backtesting strategy could be designed to evaluate the efficacy of entering short positions on Mira/Tether (MIRAUSDT) during similar breakdown conditions. The hypothesis would involve identifying historical support levels and using candlestick patterns such as engulfing or doji to confirm trend continuation or exhaustion. Additionally, incorporating moving averages (20/50 EMA) and RSI as filters would help refine entry and exit points. A successful backtest would need to confirm that this strategy has historically yielded profitable outcomes in similar market conditions over the past two years, adjusting for market regime changes and volatility shifts.