Market Overview: Magic Eden/Tether (MEUSDT)

Summary
• Price surged from $0.2033 to $0.2184, forming a bullish engulfing pattern near 0.2116.
• Volume spiked to 1.35M at 01:30 AM ET, confirming the upward breakout.
• RSI hovered near 50, suggesting neutral momentum despite rising highs.

24-Hour Summary

Magic Eden/Tether (MEUSDT) opened at $0.2033 (12:00 ET − 1), surged to a high of $0.2184, dipped to a low of $0.2051, and closed at $0.2074 (12:00 ET). Total 24-hour volume reached 4.56M, with notional turnover of $952.63K.

Structure & Candlestick Formations

The price action revealed a strong bullish engulfing pattern around 01:30 AM ET, with a 0.2116 close following a 0.2116 open. A bearish doji formed at 04:45 AM ET, hinting at short-term indecision. Key resistance appears near 0.2123 and 0.2135, with 0.2063 as initial support.

Volume and Momentum

Volume spiked to 1.35M during the 01:30 AM ET candle, aligning with a breakout to 0.2184. However, the close settled near 0.2074, suggesting mixed follow-through. RSI remains around 50, indicating neither strong overbought nor oversold conditions.

Volatility and Trends

Bollinger Bands showed moderate expansion during the morning push higher, but price settled near the midline. A 50-period moving average on the 5-min chart currently sits above the price, indicating potential short-term bearish bias.

Fibonacci and Future Outlook

Fibonacci retracements on the 01:30 AM swing suggest 0.2094 as a potential support level and 0.2135 as a key resistance. The market appears to consolidate after the bullish breakout, which could lead to a test of upper levels or a pullback toward 0.2063. Investors should monitor for a clear break of 0.2135 to confirm sustained momentum or a rejection below 0.2063 to signal renewed bearish pressure.