Market Overview for Magic Eden/Tether (MEUSDT) – 24-Hour Analysis

Summary
• Price opened at $0.2216 and closed at $0.2193, forming bearish momentum amid declining volume.
• A key support level appears at $0.2190–$0.2195 with diverging price and turnover.
• Volatility expanded during the 3:15–5:45 AM ET surge to $0.2267, then contracted sharply.
• MACD turned negative after 10 PM ET, suggesting short-term bearish bias.
• RSI bottomed near 30 by 11:15 AM ET, hinting at potential short-term buying interest.

Magic Eden/Tether (MEUSDT) opened at $0.2216 on 2026-01-07 12:00 ET and closed at $0.2193 by 12:00 ET on 2026-01-08. The 24-hour range was $0.2216 to $0.2267, with total volume of 1,150,134.32 and notional turnover of $246,718.38.

Structure and Key Levels

The price formed a bearish trend after reaching a 24-hour high of $0.2267 at 2:15 AM ET, with a potential support level forming at $0.2190–$0.2195 as the price tested this area in the morning. A notable bullish engulfing pattern emerged briefly at 4:45 AM ET, but bears reclaimed control shortly after. A long lower shadow at 11:15 AM ET suggests a possible short-term bounce.

Indicators and Momentum

MACD turned negative after 10 PM ET, reinforcing bearish momentum. RSI bottomed near 30 by 11:15 AM ET, indicating oversold conditions and a potential short-term rebound. Bollinger Bands showed a sharp contraction after 7 AM ET, hinting at low volatility and a possible breakout.

Volume and Turnover

Turnover surged during the 3:15–5:45 AM ET bullish wave, but diverged with price as the pair retreated in the morning. Volume remained elevated during key support tests, suggesting conviction in the bearish bias. A divergence in volume and price occurred around 10:15 AM ET as turnover declined despite price dipping.

Forward Outlook and Risk

The immediate support at $0.2190–$0.2195 may hold in the short term, with a potential bounce possible if buyers defend the level. However, a break below $0.2190 could invite further declines toward $0.2180. Traders should remain cautious due to the low RSI and mixed volume signals, which suggest potential for both short-term corrections and a continuation of the bearish trend.