Market Overview: Magic Eden/Tether (MEUSDT) – Volatility and Momentum in 24 Hours

Summary
• Price surged from 0.2128 to 0.2309 on strong volume, forming a bullish engulfing pattern near the session high.
• RSI signaled overbought conditions briefly at 75, but price consolidated near 0.2266 with no immediate breakdown.
• Volatility expanded significantly during the overnight session, with Bollinger Bands widening and price touching the upper band.
• Turnover spiked above $80k at 07:30 ET, confirming strength in the breakout phase.
• A 61.8% Fibonacci retracement level at 0.2243 acted as a key support, with a possible test of 0.2194 as near-term resistance.

Magic Eden/Tether (MEUSDT) opened at 0.2128 on 2026-01-13 12:00 ET, reaching a high of 0.2309 and a low of 0.2126, closing at 0.2264 as of 2026-01-14 12:00 ET. Total volume hit 10,720,218.78, and notional turnover reached $2,453,695.24.

Structure & Formations

Price formed a strong bullish engulfing pattern near 0.2266–0.2283, signaling a potential short-term reversal. Key support levels were identified at 0.2236 and 0.2206, while resistance emerged at 0.2269 and 0.2283. A bearish divergence in volume near 08:45 ET suggested caution ahead.

Moving Averages

On the 5-minute chart, price traded above the 20-period and 50-period SMAs, indicating bullish momentum. The 50-period SMA held steady at ~0.2245, aligning with a 61.8% Fibonacci retracement level as a potential support area.

Momentum and Indicators

MACD showed positive divergence during the early morning rally, confirming the bullish thrust. RSI reached overbought territory at 75 but failed to hold above that level, hinting at potential consolidation.

Volatility and Bollinger Bands

Volatility expanded sharply overnight, with the upper Bollinger Band reaching 0.2283 as price approached it. The bands remained wide, reflecting ongoing uncertainty and potential for further swings.

Looking ahead, MEUSDT could test the 0.2309 high or retrace to 0.2236. Traders should monitor volume and RSI for signs of exhaustion or renewed momentum. A breakdown below 0.2206 could trigger renewed bearish pressure.