Mira/Tether Market Overview

Summary

• Price action shows a strong downward bias with a 7.3% drop from open to close.
• Volume picked up significantly during the late ET session, confirming bearish momentum.
• RSI approaches oversold levels, hinting at potential near-term reversal or consolidation.

Market Overview

Mira/Tether (MIRAUSDT) traded with a clear bearish tone over the past 24 hours, opening at $0.2006 on 2025-11-13 at 12:00 ET and closing at $0.1810 on 2025-11-14 at 12:00 ET. The pair hit a high of $0.2006 and a low of $0.1778 during the session. Total volume reached 19.3 million MIRA, with a total notional turnover of approximately $3.45 million, reflecting heightened activity and conviction on the downside.

The price action over the last 24 hours has been marked by a series of bearish candle formations, including multiple engulfing and hanging man patterns, particularly in the early ET hours. These formations confirm a loss of bullish momentum and a shift in control to bearish traders. The price is currently resting near the 0.1837–0.1846 support level, which may serve as a near-term floor if the downward trend continues.

Structure & Formations

The price action has developed a clear bearish bias with multiple bearish engulfing patterns forming during the 15-minute intervals. A key support zone appears to be forming around 0.1837–0.1846, with previous attempts to bounce from this level failing to hold. A potential reversal could be triggered if this level holds and price shows signs of consolidation.

Moving Averages

On the 15-minute chart, MIRAUSDT is well below its 20 and 50 EMA lines, reinforcing the bearish tone. On the daily chart, the 50, 100, and 200 EMA lines are all aligned in a descending order, further validating the downtrend. A move above the 50 EMA on the 15-minute chart could signal a short-term countertrend, but the broader daily trend remains bearish.

MACD & RSI

The MACD is deeply negative and continues to diverge from price, showing strong bearish momentum. The RSI has reached 29, entering oversold territory, which may signal a temporary bounce or consolidation but not a reversal. A closing above 0.1865 on the daily chart would be needed to see RSI move into neutral or bullish territory.

Bollinger Bands

Price is currently trading near the lower Bollinger Band on both the 15-minute and daily timeframes, indicating a period of low volatility and a high probability of continued bearish bias. A reversal could occur if price closes above the middle band on the 15-minute chart or shows signs of retesting the upper band on the daily chart.

Volume & Turnover

Volume has increased notably during the late ET session, with spikes above average levels observed during the 22:45 to 04:45 ET timeframe. This aligns with the price action and confirms the bearish momentum. No clear divergence is observed between price and volume, suggesting that the bearish trend has strong conviction and may continue for at least another session.

Fibonacci Retracements

On the 15-minute chart, price is now near the 61.8% Fibonacci retracement level of a recent bearish leg, which could offer support or trigger a bounce. On the daily chart, the 50% and 61.8% retracement levels are both below current price, suggesting that further downside is likely if the current trend persists.

Backtest Hypothesis

A backtesting strategy titled “RSI Oversold – 72 h Hold” has been applied to MIRAUSDT from 2022-01-01 to 2025-11-14. Key assumptions include a 14-period RSI with an oversold threshold of 30, and a 72-hour holding period after entry. This aligns with the recent technical indicators, as the RSI has just entered oversold territory. Given the low volatility and strong bearish momentum, a 72-hour hold may see limited upside or even further downside unless the price breaks above key support levels. Investors should monitor the 0.1837–0.1846 level closely for potential trade entries.