Market Overview for Magic Eden/Tether (MEUSDT): 24-Hour Breakdown and Key Levels

Summary
• Price action shows a bearish breakdown from $0.2275 with a 61.8% Fibonacci level at $0.2244 acting as a key support.
• Volume spiked during the downward leg, confirming bearish momentum and validating the $0.2245–$0.2265 range as a high-probability target for short-term trading.
• RSI entered oversold territory below 30 during the late-night selloff, suggesting potential for a near-term rebound or consolidation.
• Bollinger Bands contracted earlier in the session before a sharp break to the downside, signaling heightened volatility and bearish continuation bias.

Market Overview

Magic Eden/Tether (MEUSDT) opened at $0.2285 at 12:00 ET-1, reached a high of $0.2305 and a low of $0.2210 before closing at $0.2208 at 12:00 ET. Total volume was 2.94M contracts and turnover was $667,189. The pair has shown a clear bearish bias, with price closing below key 50-period and 20-period moving averages.

Structure & Formations

Price action revealed a bearish breakdown from a short-term resistance at $0.2275 into a defined support zone between $0.2245 and $0.2265. A bearish engulfing pattern formed around 19:30 ET-1, confirming the shift in sentiment. The 61.8% Fibonacci retracement at $0.2244 provided temporary support, suggesting potential for a pullback or consolidation in that area.

Trend and Momentum Indicators

The 20-period and 50-period moving averages on the 5-minute chart remain bearishly aligned, with price well below both. MACD turned negative and remains bearish, with a negative divergence observed after the late-night selloff. RSI reached oversold territory below 30 during the night session, hinting at potential for a short-term rebound, though a break below $0.2217 could extend the decline further.

Volatility and Bollinger Bands

Bollinger Bands showed a contraction in early afternoon ET-1 before expanding sharply as price broke to the downside. Price remains below the lower band, indicating heightened volatility and bearish continuation bias. The range between $0.2245 and $0.2265 is expected to be a critical area for near-term volatility and potential countertrend buying.

Volume and Turnover

Volume spiked significantly during the bearish move, particularly around the 19:30–02:30 ET-1 timeframe, confirming bearish momentum. Notional turnover also increased in line with the price decline, with no notable divergence between volume and price action. The most recent leg down saw turnover concentrated in the $0.2210–$0.2220 range.

Fibonacci Retracements

Applying Fibonacci to the recent swing from $0.2285 to $0.2210, key levels include 38.2% at $0.2254 and 61.8% at $0.2244. These levels have provided temporary support and could act as pivot points for near-term traders. A break below $0.2217 could trigger further Fibonacci targets at $0.2203 and $0.2191.

Market participants should closely monitor the $0.2244 level for potential rebounds or a continuation of the bearish trend. While oversold conditions may attract countertrend buyers, a failure to hold above $0.2217 could lead to increased bearish pressure and a test of deeper support levels in the next 24 hours. Investors are advised to manage risk accordingly.