Market Overview for Magic Eden/Tether (MEUSDT)

Summary
• Price declined from 0.238 to 0.231, with 0.233–0.235 acting as key resistance and support.
• Volume surged in the overnight session, confirming bearish momentum.
• RSI near oversold territory suggests potential for a near-term bounce.
• Bollinger Bands tightened during consolidation, indicating low volatility.

Magic Eden/Tether (MEUSDT) opened at 0.238 at 12:00 ET-1, reached a high of 0.239, a low of 0.228, and closed at 0.231 at 12:00 ET. Total volume for the 24-hour period was 1,187,539.21, with a turnover of approximately 266,032.12.

Structure & Formations

Price action shows a bearish bias with multiple breakdowns at the 0.234–0.235 resistance cluster. A key support level formed around 0.231, where price found buying interest after a sharp pullback. A doji formed near 0.231 during the early morning, suggesting indecision and potential short-term reversal.

Moving Averages and Momentum

On the 5-minute chart, the 20 and 50-period moving averages are in a downward slope, reinforcing the bearish momentum.

. The 200-period moving average on the daily chart remains untouched, but the price may test it in the coming days. The RSI has fallen close to oversold levels (around 28), hinting at a possible bounce, but a sustained move above 0.233 is needed to confirm a reversal.

Volatility and Bollinger Bands

Bollinger Bands have remained relatively narrow during the consolidation phase, indicating low volatility. Price has tested the lower band multiple times, most notably at 0.228–0.230, before bouncing back. A break below the lower band could trigger a sharper correction, but a sustained close above the middle band may signal renewed bullish intent.

Volume and Turnover

Volume spiked significantly between 12:00–06:00 ET, coinciding with the sharp decline toward 0.228. Notional turnover also surged during this period, confirming bearish sentiment. A divergence between price and volume during the rebound suggests mixed conviction in the buying interest.

Key Retracements and Fibonacci Levels

Fibonacci retracement levels from the 0.238–0.228 swing suggest key support at 0.233 (38.2%) and 0.231 (61.8%). A sustained break below 0.231 could trigger further retracement to 0.229 (78.6%).

Price may test 0.233–0.235 in the next 24 hours for a potential bounce, but a failure to hold above 0.231 could extend the decline toward 0.228. Investors should remain cautious and monitor volume for confirmation of any reversal signals.