Market Overview for Magic Eden/Tether

Summary
• Price surged to 0.2525 after a 5-minute bullish reversal, but faded to close near 0.229.
• Strong volume expansion confirmed key breakdowns below 0.241.
• RSI signaled overbought conditions near 0.2525, followed by bearish divergence.
• Bollinger Bands expanded during early morning volatility, then compressed as price consolidated near 0.231–0.234.
• Fibonacci levels at 0.2367 and 0.2261 acted as temporary resistance and support, respectively.

Market Overview

Magic Eden/Tether (MEUSDT) opened at 0.234 on 2026-01-14 at 12:00 ET, peaked at 0.2525, and closed at 0.2319 on 2026-01-15 at 12:00 ET. Total volume was 10,374,791.05 and turnover was 2,369,107.14 over 24 hours.

Structure & Formations

The price action displayed a strong bearish reversal at 0.2525 on 2026-01-15 at 00:30, followed by a rapid breakdown to 0.2307 by 08:30 ET. Key support was found at 0.2307 and 0.2261, with a bearish engulfing pattern confirming the breakdown around 03:45–04:00 ET.

Moving Averages and Momentum

Short-term (20/50-period) moving averages on the 5-minute chart confirmed the downward bias after 04:00 ET. Daily averages showed no clear divergence, but RSI reached overbought territory at 0.2525 before a sharp decline. MACD showed bearish divergence as price surged to 0.2525 but remained bearish through the close.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the early morning hours due to sharp price swings, reaching a high of 0.2525 and a low of 0.2287. As price settled between 0.2307 and 0.234 after 09:00 ET, volatility began to contract.

Volume and Turnover

Volume surged during the breakdown to 0.2307, with over 500,000 units traded in two consecutive 5-minute intervals. Turnover also increased sharply during the sell-off, confirming the bearish momentum. However, price and turnover diverged slightly near 0.229–0.231, suggesting diminishing downward pressure.

Fibonacci Retracements

Fibonacci levels drawn from the high of 0.2525 to the low of 0.2261 identified key levels at 0.2367 (38.2%) and 0.2318 (61.8%). Price tested the 61.8% level at least twice before consolidating below it, suggesting further support may be found near 0.2261–0.2285.

Price may consolidate near 0.231–0.234 in the next 24 hours, with a risk of further breakdown if volume remains heavy on a move below 0.229. Investors should closely monitor volume and RSI divergence for early signs of a reversal.