Market Overview for Memecoin/Tether (MEMEUSDT): 2026-01-07

Summary
• Price action showed bearish momentum after forming a bullish engulfing pattern that failed to hold.
• RSI dipped below 30, indicating potential oversold conditions, but volume did not confirm the bearish move.
• Volatility expanded during the 20:30–22:00 ET window, with price testing the 0.001255 level before retreating.
• Bollinger Bands widened, and the price remained near the lower band, hinting at a consolidation phase.
• A 61.8% Fibonacci retracement level at 0.001220 was tested multiple times, showing initial support resilience.

Market Overview

Memecoin/Tether (MEMEUSDT) opened at 0.001220 on 2026-01-06 at 12:00 ET, hit a high of 0.001255, a low of 0.001184, and closed at 0.001190 at 12:00 ET on 2026-01-07. Total volume over 24 hours was 434,354,599.0, and notional turnover reached 514,855.46.

Structure & Moving Averages

Price action traced a bearish bias after a key bullish engulfing pattern near 0.001224 failed to hold. A 20-period 5-min moving average showed a bearish crossover in the late session, reinforcing downward momentum. Daily 50- and 200-period averages remained bearish, with the 200SMA acting as a strong resistance at 0.001235.

Momentum and Volatility

Relative Strength Index (RSI) on the 5-min chart dipped below 30 during the 14:15–15:00 ET window, suggesting oversold conditions. However, volume failed to confirm a strong bounce. MACD crossed into negative territory late in the session, signaling bearish momentum. Bollinger Bands expanded significantly, with price testing the lower band repeatedly and consolidating near it by the close.

Volume and Divergences

Volumes spiked during the 21:30–22:30 ET window, coinciding with a failed breakout attempt at 0.001255. Notional turnover followed volume closely, with no major divergences observed. However, the bearish breakdown at 0.001220 showed strong selling pressure, with the 61.8% Fibonacci level acting as a temporary support.

Outlook and Risk

MEMEUSDT appears to be forming a bearish consolidation pattern after a failed rally. A test of the 0.001210 level could confirm further weakness if volume supports it. Traders should watch for a potential retest of the 0.001220 level for signs of support strength. A break below 0.001210 with increased turnover may signal a deeper correction. Investors should remain cautious due to the volatile nature of the pair and the potential for rapid swings.