Market Overview for Magic Eden/Tether (MEUSDT) – 24-Hour Analysis as of 2026-01-17

Summary
• Price consolidated between 0.2200–0.2250, with key resistance at 0.2257 and support at 0.2200.
• Strong buying at 0.2240–0.2250 confirmed by volume spikes, but selling pressure emerged after 0.2247.
• RSI signaled overbought levels briefly, while Bollinger Bands showed tightening volatility before a late expansion.
• Turnover diverged from price during pullbacks, suggesting mixed conviction across timeframes.
• A bullish engulfing pattern emerged near 0.2215–0.2221, hinting at potential short-term reversal.

Market Performance

Magic Eden/Tether (MEUSDT) opened at 0.2203 on 2026-01-16 at 12:00 ET, reached a high of 0.2262, and closed at 0.2234 on 2026-01-17 at 12:00 ET, after a low of 0.2185. The pair saw a 24-hour trading volume of approximately 2,006,326.57 and a notional turnover of about $448,793.05.

Structure and Patterns

Price action exhibited a range-bound profile between 0.2200 and 0.2257, with 0.2242 acting as a key resistance-turned-support level after a sharp pullback. A bullish engulfing pattern emerged between 0.2215–0.2221 around 05:45–06:00 ET, which could indicate a potential reversal in the short term. Doji formed near 0.2234–0.2237, suggesting indecision.

Trend and Momentum

The 20-period and 50-period moving averages on the 5-minute chart crossed near 0.2220, supporting a bullish bias in the latter half of the 24-hour period. RSI hovered near overbought levels (70+) briefly in the early hours before pulling back into neutral territory. MACD showed positive divergence during the rally from 0.2230 to 0.2257, but the signal weakened as bearish pressure emerged.

Volatility and Volume

Bollinger Bands tightened significantly between 0.2225–0.2235 from 01:30–03:00 ET, indicating a period of low volatility, followed by a strong expansion as price broke above 0.2240. Volume spiked above 100,000 during key breakouts around 20:30–21:00 ET and again at 01:45–02:00 ET, supporting price action. However, turnover declined during pullbacks, suggesting reduced conviction in the bearish moves.

Key Fibonacci Levels

Applying Fibonacci to the 0.2215–0.2262 swing, the 61.8% retracement level sits at 0.2235 and acted as a minor support. A breakdown below 0.2229 (38.2% level) could trigger a test of the 0.2215–0.2208 range. On the daily chart, the 50-period MA sits near 0.2225, potentially acting as a pivot.

Magic Eden/Tether may continue to test the 0.2257 high or consolidate near 0.2234–0.2242 in the next 24 hours. Investors should monitor volume behavior around 0.2235 and be cautious of potential breakdowns if short-term momentum fails to hold.