Market Overview: Magic Eden MEUSDT 24-Hour Technical Summary

• Magic Eden’s MEUSDT fell to a 24-hour low of $0.69, reversing a brief rebound above $0.70.
• A bearish engulfing pattern formed near $0.71–$0.72, confirming downward momentum.
• Volume surged during the breakdown below $0.71, indicating strong distribution.
• RSI entered oversold territory, but price remains below key moving averages.
• Volatility expanded during the early morning, suggesting increased participation.

Magic Eden (MEUSDT) opened at $0.728 on 2025-08-17 at 12:00 ET and traded as high as $0.733 before closing at $0.701 at 12:00 ET on 2025-08-18. Total volume reached 795,932.2 units, with a notional turnover of $554,623. The price action suggests bearish control across much of the 24-hour session.

Structure & Formations

A strong bearish engulfing pattern formed around $0.71–$0.72 on the 15-minute chart, confirming a shift in momentum to the downside. A doji appeared near $0.713, signaling indecision at the early morning low. Support is now testing around $0.69–$0.70, where a minor base has formed, though a breakdown below this could target the next Fibonacci level at $0.675 (61.8% of the prior rally from $0.69–$0.73).

Moving Averages

Price remained below the 20- and 50-period moving averages throughout most of the session, reinforcing the bearish bias on the 15-minute chart. On the daily chart, the 50/200 EMA crossover suggests a longer-term downtrend could persist, though a rebound to the 50-period line at ~$0.72 may offer short-term resistance.

MACD & RSI

The MACD line crossed below the signal line during the early morning, confirming a bearish divergence. RSI has entered oversold territory below 30, suggesting potential for a short-term bounce, but without a strong reversal pattern or volume confirmation, this may just be a consolidation phase before a deeper test of support.

Bollinger Bands

Volatility expanded during the breakdown below $0.71, with the bands widening from a prior contraction. Price closed near the lower band, suggesting exhaustion at the 24-hour low, though a break below the lower band could signal a continuation of the selloff.

Volume & Turnover

Volume spiked during the breakdown below $0.71, particularly between 01:30–02:30 ET and 06:30–07:30 ET, with the largest single bar at $0.705–$0.703 showing 105,369.9 units traded. Notional turnover rose in tandem, with no major divergence observed, indicating conviction in the selling pressure.

Fibonacci Retracements

The most recent 15-minute swing from $0.728 to $0.733 retraced to $0.723 (38.2%) and $0.716 (61.8%), both levels acting as soft resistance before the deeper breakdown. On the daily chart, the 61.8% retracement level from the recent high at $0.73 is $0.675, which could become a key target if the selloff continues.

MEUSDT may remain volatile in the next 24 hours, with a probable test of $0.69 as support. A break below $0.69 could accelerate the decline, but a rebound above $0.71 may trigger consolidation. Investors should remain cautious of widening volatility and potential distribution.