Market Overview for Magic Eden/Tether (MEUSDT)

Summary
• Price formed key resistance near 0.2166 and support at 0.2082 during the 24-hour window.
• Momentum saw bearish acceleration after 07:30 ET amid declining turnover.
• Volatility expanded following a consolidation phase between 0.2135–0.2146.
• A doji formed at 03:30 ET, signaling indecision before a sharp rebound.
• Turnover spiked at 04:45 ET with a 0.216–0.2154 range, but failed to confirm follow-through.

Magic Eden/Tether (MEUSDT) opened at 0.2114 on January 2, 2026, and traded as high as 0.2167 before closing at 0.2103 at 12:00 ET on January 3. Total 24-hour volume was 1,252,213.17, with a notional turnover of 259,644.50.

Structure & Formations

Price found a strong resistance near 0.2166, where it stalled and reversed after a morning rally. A key support level emerged at 0.2082 during the late afternoon sell-off. A bullish engulfing pattern appeared at 05:15 ET, suggesting short-term buying interest, but it failed to hold during the next candle. A doji at 03:30 ET highlighted market hesitation ahead of a rebound.

Moving Averages and Momentum

On the 5-minute chart, the 20SMA crossed above the 50SMA in the late night hours, indicating potential short-term bullish momentum, but the 50SMA has since started to flatten. The RSI moved into overbought territory near 04:00 ET, then dropped sharply below 50 by early morning, confirming bearish sentiment. The MACD crossed into negative territory after 07:30 ET, signaling fading bullish momentum.

Volatility and Bollinger Bands

Bollinger Bands widened during the 02:30–06:00 ET window, reflecting rising volatility after a period of consolidation. Price traded near the upper band during the morning rally, but fell below the lower band after 07:30 ET, indicating bearish pressure.

Volume and Turnover

The highest 5-minute volume occurred at 04:45 ET, coinciding with a price range of 0.216–0.2154. However, this did not translate into strong follow-through. Turnover spiked during this period but faded quickly, pointing to potential divergence. Volume declined significantly after 07:30 ET as the sell-off accelerated.

Fibonacci Retracements

On the 5-minute chart, a key 61.8% retracement level was observed at 0.2136 after a rally from 0.2109–0.2167. Price stalled near this level, failed to hold it, and moved lower. On the daily timeframe, a 38.2% retracement level around 0.2135 appears to have acted as a short-term support, but failed to prevent further declines.

Price appears to be consolidating at key psychological levels ahead of the next move. Traders may watch for a break above 0.2136 or below 0.2082 for directional clues, but increased volatility and divergences in volume suggest caution is warranted.