Market Overview for Magic Eden/Tether (MEUSDT): 24-Hour Summary

Summary
• Price surged from $0.2158 to $0.2287 before consolidating in the final hours.
• High-volume 5-minute candles confirmed strength near $0.221–0.224.
• RSI overbought levels suggest potential short-term exhaustion.
• Volatility expanded during the overnight rally; Bollinger bands widened.
• Fibonacci retracement levels suggest $0.2176 and $0.2235 as key support/resistance.

Price and Volume Snapshot

Magic Eden/Tether (MEUSDT) opened at $0.2158 on 2025-12-19 at 12:00 ET, reached a high of $0.2287, touched a low of $0.2131, and closed at $0.2227 as of 2025-12-20 at 12:00 ET. Total 24-hour volume was 3,593,215.94 USD with a notional turnover of $791,327.96.

Structure & Formations

Price broke above a key 5-minute resistance level around $0.222 and tested $0.226 before retreating. A bullish engulfing pattern formed around 00:45 ET as price surged from $0.2184 to $0.2235. A bearish harami appeared at 02:45 ET as price moved sideways between $0.2288 and $0.2226, suggesting potential short-term consolidation.

Moving Averages

The 5-minute 20-period MA provided dynamic support during the late-night rebound, while the 50-period MA acted as a resistance level around $0.2240–0.2250. On the daily chart, the 50-period MA is at $0.2188, with the 200-period MA at $0.2175, indicating a potential base-building phase.

Momentum and Indicators

The MACD crossed above zero early on, confirming a bullish breakout, but started to diverge slightly with price as the rally stalled. RSI reached overbought territory above 70 in the early hours, suggesting a possible pause or pullback. Bollinger Bands showed a sharp expansion during the overnight move, indicating heightened volatility.

Volume and Turnover

Volume surged during the breakout above $0.222, with a 5-minute candle at 00:45 ET showing a massive 213,213.44 USD traded. Notional turnover spiked in line with price action, suggesting strong conviction behind the move. A volume divergence appeared around 02:45 ET, hinting at potential short-term uncertainty.

Fibonacci Retracements

Recent 5-minute swings show key Fibonacci levels at $0.2176 (38.2%), $0.2212 (50%), and $0.2235 (61.8%). On the daily chart, the 61.8% level near $0.224 aligns with the 50-period MA, suggesting a potential area of interest for buyers.

Forward-Looking Observation

MEUSDT appears to have established a new short-term equilibrium above $0.221 but may face resistance near $0.224–0.225. Investors should watch for a retest of these levels in the next 24 hours, with a risk of a pullback if volume fails to confirm further bullish momentum.