Mira/Tether Market Overview for 2025-10-06

• Mira/Tether declined sharply in overnight hours, breaking below key support and closing near the session low of 0.5781.
• High-volume bearish divergence and expanding range in early morning trading point to increased bear momentum.
• RSI and MACD entered oversold territory, indicating potential for short-term rebound, though trend remains bearish.
• Bollinger Bands narrowed during consolidation, followed by a sharp expansion and a break below the 20-period MA.
• Total turnover surged during the 01:00–02:30 ET window, confirming a significant shift in market sentiment.

Mira/Tether (MIRAUSDT) opened at 0.6023 on 2025-10-05 at 12:00 ET and traded as high as 0.6095 before closing at 0.5800 on 2025-10-06 at 12:00 ET. Total volume over the 24-hour window reached 133,898,262.3, while total turnover amounted to approximately $78,132,369. The market remained bearish for much of the session, with a sharp decline in the early hours of October 6.

Structure & Formations

Price action showed a series of bearish engulfing patterns from 01:00–02:30 ET, confirming a shift in sentiment. A significant support level broke at 0.5842, which had previously held during the afternoon on October 5. A key 15-minute Doji formed at 02:30 ET near 0.5804, suggesting a possible short-term pause in the decline. However, the lack of a strong reversal pattern and continued volume flow to the downside indicate a higher probability of further consolidation below 0.5800.

Moving Averages

On the 15-minute chart, price closed below both the 20-period and 50-period moving averages, reinforcing a bearish bias. The 20-period MA currently sits at 0.5860, while the 50-period MA is at 0.5893. On the daily chart, the 50/100/200-period moving averages are all aligned in a downtrend, with the 50-period MA at 0.6010, 100-period at 0.6045, and 200-period at 0.6100. Price remains well below these key moving averages, suggesting continuation of the broader bear trend.

MACD & RSI

MACD turned negative and entered a bearish crossover in early October 6, with a bearish histogram indicating increasing momentum. RSI reached oversold territory at 29.5 near 02:45 ET, raising the possibility of a short-term bounce. However, RSI divergence did not confirm a reversal, as the indicator continued to trend lower alongside price.

Bollinger Bands

Bollinger Bands tightened during the overnight consolidation phase between 00:00–01:00 ET, reaching a contraction of 0.0025. The subsequent sharp move down broke below the lower band at 0.5781, indicating increased volatility and bearish pressure. Price currently sits well below the 20-period Bollinger Band midline of 0.5840, with the upper band at 0.5885 and lower band at 0.5795. A retest of the lower band may trigger a temporary bounce.

Volume & Turnover

Volume spiked during the early hours of October 6, particularly between 01:00–02:30 ET, when price broke below 0.5842. Turnover surged alongside volume during this period, suggesting strong participation from sellers. A bearish divergence in volume and price was not observed, as both volume and price moved in tandem during the decline. This confirms bearish conviction and reduces the likelihood of an immediate reversal.

Fibonacci Retracements

Applying Fibonacci to the key 15-minute move from 0.6095 to 0.5781, the 38.2% retracement level is at 0.5921 and 61.8% at 0.5834. Price has tested and rejected both levels, with the 61.8% level currently holding as a potential support zone. On a daily basis, the 38.2% retracement of the larger downtrend is at 0.5900, while 61.8% is at 0.5850. A bounce from either of these levels could trigger a temporary reversal.

Backtest Hypothesis

Given the strong bearish signals and oversold RSI reading, a potential backtesting strategy could involve a short entry at the 0.5800–0.5820 range with a stop above 0.5840 and a target of 0.5750–0.5730. This approach leverages the bearish momentum confirmed by volume and price action, as well as Fibonacci support levels. A trailing stop could be activated once price breaks below 0.5780 to capture further downside potential. This setup aligns with the observed bearish divergence in candlestick formations and confirms the continuation of the downtrend.