Market Overview: 24-Hour MEMEUSDT Price Action and Momentum Analysis

Summary
• Price declined from $0.001194 to $0.001165 over 24 hours, forming bearish patterns.
• Volatility expanded through key support levels, with volume confirming the downtrend.
• RSI and MACD indicate oversold conditions, suggesting possible short-term stabilization.
• Bollinger Bands show price near the lower band, hinting at low volatility ahead.
• Fibonacci retracement at 61.8% ($0.001161) aligns with recent support, signaling potential reversal.

Memecoin/Tether (MEMEUSDT) opened at $0.001182, reached a high of $0.001199, and closed at $0.001165 at 12:00 ET, with a low of $0.00115. Total volume amounted to 242,673,005.7 USD, and notional turnover reached 275,044.3 MEME.

Structure & Formations

Price tested the $0.001180 psychological level early in the session before breaking below key support at $0.001175. A bearish engulfing pattern formed during the 18:30–19:00 ET timeframe, followed by a long lower wick at $0.001159–$0.001163, indicating minor rejection at lower levels. A potential double bottom structure is emerging around $0.001160, though confirmation is pending a breakout above the neckline.

Moving Averages

On the 5-minute chart, the 20- and 50-period moving averages show a bearish crossover, reinforcing the short-term downtrend. For daily timeframes, the 50-period MA is above the 100-period MA, and both are trending lower, suggesting bearish momentum is still intact.

MACD & RSI

MACD remains negative with a narrowing histogram, indicating waning bearish momentum. RSI has entered oversold territory, crossing below 30, which may trigger a short-term bounce. However, without a bullish crossover in MACD, a sustained reversal is unlikely.

Bollinger Bands

Price has remained near the lower Bollinger Band for much of the session, indicating low volatility and bearish pressure. A bounce off this band could be confirmed if price stays above the 20-period moving average for three consecutive 5-minute candles.

Volume & Turnover

Volume and turnover aligned with the bearish move, particularly around the $0.001175–$0.001165 range. Strong volume at key support levels suggests accumulation by short-term traders. Divergence is not observed, indicating price action remains supported by volume.

Fibonacci Retracements

The 61.8% Fibonacci retracement level sits at $0.001161 and has held as a critical support. A close above this level could push price toward the 78.6% retracement at $0.001171. A break below $0.001161 would target the next level at $0.001155–$0.001150.

Price appears to be stabilizing at recent lows, with oversold RSI suggesting a potential short-term bounce. However, bearish momentum remains intact, and a break below $0.001160 could invite further selling. Investors should closely monitor volume and the 50-period MA for signs of trend reversal over the next 24 hours.