Market Overview for Memecoin/Tether (MEMEUSDT) as of 2026-01-08

Summary
• Price declined 13.4% in 24 hours, forming bearish continuation patterns near key support zones.
• Volume and turnover showed divergence in afternoon ET, signaling possible weakening momentum.
• MACD turned negative, while RSI approached oversold levels, suggesting potential near-term stabilization.
• Bollinger Bands constricted in midday before a sharp breakout, indicating rising volatility.
• 50-period MA on 5-minute chart crossed below price, reinforcing bearish bias.

Market Overview

Memecoin/Tether (MEMEUSDT) opened at 0.001189 at 12:00 ET -1 and closed at 0.001157 by 12:00 ET. The pair reached a high of 0.001205 and a low of 0.001147. Total volume amounted to 545,122,836.0 and notional turnover stood at 636,085.78 USDT for the 24-hour period.

Structure & Formations

Price action showed a bearish bias throughout the session, with key support identified near 0.001147 after a midday rejection from 0.001185. A sharp decline occurred after 0.001192 failed to hold, forming multiple engulfing bearish patterns. A doji near 0.001192 indicated indecision, but bears followed through in late trading.

Moving Averages

The 20-period and 50-period moving averages on the 5-minute chart both crossed below price in the afternoon, reinforcing bearish momentum. Daily MA levels (50/100/200) remained well above current levels, suggesting a continuation of the downward trend.

Momentum Indicators

MACD turned negative in the afternoon, confirming bearish momentum. RSI dipped toward the 30 oversold threshold by the end of the session, hinting at potential near-term consolidation or a short-term bounce. However, the bearish bias remains intact without a strong reversal.

Volatility and Bollinger Bands

Bollinger Bands constricted midday, signaling a period of low volatility before a sharp downward breakout. Price traded near the lower band in the final hours, indicating increased bearish pressure and potential for further downside.

Volume and Turnover Divergence

Volume and turnover showed divergence in the late afternoon, with price falling while volume declined. This suggests weakening conviction in the bearish move, though price remains below key support and volume picked up again in the final hours.

Fibonacci Retracements

Recent 5-minute swings indicated a potential 61.8% retracement level near 0.001150–0.001155, which coincided with the late-day price action. On the daily chart, a 50% retest of the recent high appears unlikely without a significant reversal.

While price appears to have found a short-term floor near 0.001147–0.001150, bears may test this zone over the next 24 hours. A break below 0.001147 could trigger deeper losses, though RSI conditions suggest a brief bounce could emerge. Investors should monitor volume and MA crossovers for confirmation of any reversal.