Magic Eden Market Overview

• Price surged from $0.704 to $0.733 before retreating to $0.678 amid high-volume volatility.
• A bullish engulfing pattern formed at $0.703–$0.718, followed by a bearish reversal at $0.733–$0.678.
• Momentum shifted from overbought (RSI 78) to oversold (RSI 23) as Bollinger Bands expanded.
• Turnover spiked to $304k at the peak and dropped to $12k by close, signaling divergent buyer sentiment.
• Key support at $0.685 and resistance at $0.707 were tested twice during the 24-hour period.

Magic Eden’s MEUSDT opened at $0.704 on 2025-08-24 at 12:00 ET, surged to $0.733, then closed at $0.678 on 2025-08-25 at 12:00 ET. Total volume for the period was 986,866.02 and total turnover was $667,905.53, reflecting heightened trading activity.

Structure & Formations

The 24-hour period revealed a sharp bullish impulse from $0.704 to $0.733, marked by a bullish engulfing pattern at $0.703–$0.718. This was followed by a bearish reversal with a large bearish candle at $0.733–$0.693 and a potential double-bottom at $0.678. A key support at $0.685 and a critical resistance at $0.707 were both tested twice, with price failing to reclaim the upper level on the second attempt.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA crossed to form a golden cross at $0.707–$0.712, but the move failed to hold, indicating short-term weakness. On the daily chart, the 50DMA is at $0.695 and 200DMA at $0.675, suggesting MEUSDT is trading below its long-term average and could face further downside pressure if $0.675 breaks.

MACD & RSI

The MACD line crossed below the signal line in the latter half of the 24-hour period, confirming bearish momentum. RSI dropped from overbought territory (78) to oversold levels (23), indicating a potential exhaustion in the bearish wave. However, without a clear reversal, the RSI may remain in oversold for longer.

Bollinger Bands

Bollinger Bands widened significantly during the upward move to $0.733 and then collapsed into a tight range as price fell below the 20-period SMA. Price closed near the lower band at $0.678, suggesting potential for a bounce back into the band, but a break below the 20-period SMA could extend the decline further.

Volume & Turnover

The peak in volume occurred at 19:45 ET with $304k in turnover, coinciding with a breakdown from $0.733 to $0.693. However, turnover dropped sharply to $12k by 12:00 ET the next day, indicating diverging conviction. The total volume-to-turnover ratio remained relatively stable throughout the period.

Fibonacci Retracements

Applying Fibonacci to the $0.704–$0.733 move, key levels include 61.8% at $0.721 and 38.2% at $0.716. Price stalled near both, and the 100% retracement at $0.704 marked a temporary floor. On the downward leg, 61.8% of the $0.733–$0.678 move is at $0.692, which acted as a temporary ceiling.

Looking ahead, MEUSDT may test $0.685 as a critical support level in the next 24 hours, with a potential bounce into $0.707 if bullish volume returns. However, a break below $0.678 could accelerate downside momentum. Investors should remain cautious of low-volume consolidation periods, which may signal indecision or a lull before a larger move.