Market Overview for Magic Eden/Tether (MEUSDT)

Summary
• Price surged past key resistance with a bullish engulfing pattern at 0.2434.
• Volume spiked during the 03:00–05:00 ET consolidation phase, confirming strength.
• RSI shows overbought conditions at 78, suggesting potential pullback near 0.2374.
• Bollinger Bands widened, reflecting increased volatility in the final 6 hours.

Market Overview

Magic Eden/Tether (MEUSDT) opened at 0.2301 on 2026-01-17 12:00 ET and closed at 0.2428 on 2026-01-18 12:00 ET, reaching a high of 0.2494 and a low of 0.2276. Total 24-hour volume was 13,685,252.11, with a turnover of $3,254,354.42.

Structure and Resistance

The pair broke above a key 5-minute resistance at 0.2434 with a bullish engulfing pattern, followed by a push to 0.2494. A descending triangle formed between 0.235 and 0.246 on the 5-minute chart, while daily Fibonacci levels suggest 0.2374 and 0.2429 as critical near-term support and resistance.

Moving Averages and Momentum

The 20-period and 50-period moving averages on the 5-minute chart crossed to the bullish side around 02:00 ET, reinforcing the upward thrust. RSI approached overbought territory near 78 by 08:00 ET, hinting at a potential consolidation phase near 0.2374–0.2429.

Volatility and Divergences

Bollinger Bands expanded significantly between 03:00 and 05:00 ET, indicating heightened volatility during the consolidation phase. Volume surged during this period, aligning with the price action and validating the breakout. Notional turnover also spiked during the 05:00–06:00 ET range, confirming continuation potential.

Forward Outlook

The pair appears to be consolidating after the 0.2494 peak, with a potential pullback to test 0.2374–0.2390 as key near-term support. While the breakout is confirmed, a bearish divergence in RSI suggests caution ahead. Investors should monitor volume behavior around 0.2429 for signs of sustainability.