Market Overview for Magic Eden/Tether (MEUSDT)

Summary
• Price swung between 0.224 and 0.2265 during a volatile 24-hour period, with key resistance near 0.2265 and support around 0.222.
• A bearish reversal pattern formed at 0.2265, suggesting potential pressure to retest lower levels.
• Volatility spiked after 05:30 ET with strong volume at swing highs, showing increased participation.
• RSI and MACD signal waning momentum, with RSI dipping into oversold territory near 0.2214.
• Turnover divergence suggests short-term indecision, with price failing to confirm bullish follow-through.

Magic Eden/Tether (MEUSDT) opened at 0.224 and traded between 0.2197 and 0.2273 over the past 24 hours, closing at 0.222. Total volume reached 952,516.59, while notional turnover was approximately $207,210. The pair experienced increased volatility and mixed momentum.

Structure & Formations

Price action showed a bearish engulfing pattern at 0.2265, followed by a failed attempt to reassert bullish momentum above 0.225. Key support levels appear to be forming around 0.222–0.2225, where price has consolidated after a sharp pullback. A notable 5-minute doji appeared near 0.2245, signaling indecision amid a tug-of-war between buyers and sellers.

Moving Averages

On the 5-minute chart, price broke below the 20-period and 50-period moving averages, reinforcing bearish bias.

The 50-period daily MA remains slightly above the 200-day MA, indicating the pair remains within a broader sideways range but with short-term bearish momentum.

MACD & RSI

The MACD line turned negative after 05:30 ET, confirming bearish momentum. RSI fell to oversold territory near 0.2214, suggesting a potential bounce is likely unless sellers continue to dominate. However, RSI’s divergence from price implies caution—buyers may struggle to reassert control without stronger follow-through.

Bollinger Bands

Volatility expanded significantly between 05:30 and 07:30 ET, with price moving outside the upper and lower bands multiple times. Price is now near the lower band, indicating a potential rebound. However, a sustained break above 0.2265 could reinvigorate bullish sentiment.

Volume & Turnover

Volume spiked sharply at key resistance levels—most notably at 0.2265 and 0.225—suggesting active participation by traders. However, a divergence between volume and price emerged in the latter part of the session: strong volume was recorded at lower levels without a corresponding price rebound, hinting at short-term indecision.

Fibonacci Retracements

Fibonacci levels based on the recent 5-minute swing from 0.2214 to 0.2265 show key retracement levels at 0.2247 (38.2%) and 0.2236 (61.8%). Price has shown reluctance to hold above 0.2245, suggesting these levels are acting as short-term resistance. On the daily chart, a larger retracement at 0.224–0.225 could act as a pivot point for near-term direction.

Looking ahead, a break above 0.225 could indicate renewed buying interest, but a retest of 0.2215 remains a high-risk scenario for short-term holders. Investors should remain cautious as divergence in volume and RSI suggests the market is in a consolidation phase.