Mitosis/Tether Market Overview

Summary
• Price formed bearish engulfing and bullish harami patterns within a volatile range.
• MACD trended lower with bearish divergence while RSI approached oversold territory.
• Volatility peaked after 23:00 ET as price approached a key resistance level.

MITOUSDT opened at $0.08776 on 2025-11-08 at 12:00 ET, reached a high of $0.08879, and a low of $0.0845 before closing at $0.08669 on 2025-11-09 at 12:00 ET. Total volume was 1.76 million MITO and turnover was $149,762.74 USD over the 24-hour period.

Structure & Formations

Price action over the 24-hour period was characterized by a wide range, with a bearish engulfing pattern emerging early in the session and a bullish harami pattern forming near the close. These conflicting signals suggest indecision among market participants. Key support levels were identified at $0.08523 and $0.0845, while resistance appeared at $0.08879 and $0.08867. A breakout above $0.08879 could trigger further upside, whereas a breakdown below $0.0845 would confirm a bearish bias.

Moving Averages

The 15-minute chart showed the price closing below the 20-period and 50-period moving averages, reinforcing the bearish bias. On the daily timeframe, the 50-period MA was near $0.0875, while the 200-period MA hovered around $0.0872. The 100-period MA sat at $0.0874, suggesting a potential convergence of short- and medium-term bearish momentum in the coming days.

MACD & RSI

MACD lines trended lower with a bearish divergence forming, particularly after a short-lived rally in the late evening. RSI approached oversold territory near 28-30 before rebounding slightly. This could signal a potential bounce or consolidation phase, but the bearish bias from the MACD remains a concern.

Bollinger Bands

Price remained in a wide range, with volatility expanding after 23:00 ET as price tested the upper band. This suggests increased market activity and uncertainty. The lower band acted as a temporary support around $0.0845–$0.0852, but a breakdown would confirm a bearish bias. The current Bollinger Band width suggests that a contraction could be due in the near term, indicating a potential pause in the price action.

Volume & Turnover

Volume spiked in the late evening hours, especially between 22:00 and 00:15 ET, as the price moved between key resistance and support levels. Notional turnover followed a similar pattern, confirming price action rather than diverging. The most significant volume spike occurred around 22:45 ET with a $0.08853 close, reflecting heightened market activity during a critical swing point.

Fibonacci Retracements

On the 15-minute chart, the $0.08665–$0.08879 swing showed the price finding support near the 61.8% retracement level at $0.0875. On the daily chart, the $0.0845–$0.08879 move placed key Fibonacci levels at $0.0864 (38.2%) and $0.0859 (61.8%), both of which were tested with mixed results. The failure to break above $0.08879 suggests that the 61.8% level may act as resistance in the near future.

Backtest Hypothesis

A bearish engulfing candle on a 15-minute chart, confirmed by a close below the open of the previous candle, may signal a short-term bearish reversal. A practical backtest strategy would involve opening a short position at the next candle's open and closing it at the next candle's close. This setup could be tested on MITOUSDT from 2022-01-01 to 2025-11-09 to assess its profitability and robustness under varying market conditions.