Magic Eden (MEUSDT) Market Overview

• Price surged from 0.694 to 0.718 on 24-hour high-volume action after a consolidation phase.
• Key resistance confirmed near 0.717–0.719; bullish momentum visible in final 3 hours.
• MACD crossed into positive territory, RSI edged toward overbought, hinting at sustained buying pressure.
• Volatility expanded after 22:00 ET, with volume spiking above average by ~60% in late session.
• Fibonacci retracement levels of prior declines aligned with current bullish breakout, adding technical weight.

Market Overview

Magic Eden’s MEUSDT pair opened at 0.694 on 2025-08-15 12:00 ET, reaching a high of 0.718 and a low of 0.686 before closing at 0.718 at 2025-08-16 12:00 ET. Total volume over the 24-hour period was approximately 787,497.51 USD, with turnover reaching ~$554,326. The price action showed clear signs of a bullish reversal, especially in the final hours, with volume and momentum metrics aligning.

Structure & Formations

The 24-hour chart displayed a clear bullish breakout, with price forming a strong bullish engulfing pattern near 0.717–0.719 in the early morning hours. The price found initial support near 0.694–0.696 (from the 16:00–16:30 ET consolidation), and from there, it gradually moved higher. A key resistance level was confirmed at 0.717–0.719, with the final hour’s candles showing strong buying pressure above this level.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages began to converge and crossed into bullish alignment by 03:30–04:00 ET. This suggested a potential continuation of the upward trend. On the daily chart, the 50-period moving average was slightly below the current price, while the 100-period and 200-period lines were further below, reinforcing the short-term bullish bias.

MACD & RSI

The MACD crossed into positive territory after 00:45 ET and remained there through the end of the period, signaling increasing bullish momentum. The RSI reached overbought territory near 70–72 during the final hours of the session, suggesting short-term exhaustion could occur, though not yet extreme. This indicates that the rally is still being driven by strong buying interest.

Bollinger Bands

Volatility expanded after 22:00 ET, pushing the price out of the upper Bollinger Band by ~0.716–0.718. This expansion typically precedes a potential retracement or consolidation. The price remained above the upper band during the last few hours, which is a sign of strong conviction in the bullish move.

Volume & Turnover

Volume spiked sharply after 00:45 ET and remained above average through the final hour, with notable peaks in the 05:15–06:00 and 07:30–09:00 ET windows. Turnover moved in line with volume, confirming the price action rather than diverging. This suggests the move was driven by coordinated buying rather than retail speculation.

Fibonacci Retracements

Fibonacci levels drawn from the 0.694–0.718 swing showed the 0.718 level aligning with the 61.8% retracement, which was successfully tested and held as a support-turned-resistance level. This technical alignment added weight to the breakout and suggests that the move above 0.718 is more likely to be sustained.

Magic Eden appears to be building a new short-term base above key resistance. While bullish momentum remains intact, traders should monitor for overbought RSI levels and potential pullbacks. A break above 0.719 could open the door to 0.725, but a failure to hold 0.715 could trigger a retest of the 0.705–0.708 range. Investors should remain cautious as volatility may persist.