Market Overview for Memecoin/Tether (MEMEUSDT) – 2025-10-09

• Price opened at $0.002493 and closed at $0.002357, with a 24-hour high of $0.002563 and a low of $0.002313.
• Volatility increased mid-day with a sharp drop in the late session, suggesting bearish momentum and possible distribution.
• Total volume reached 591.88 million MEME, with turnover of $1.44 million, indicating moderate but uneven participation.
• RSI dipped below 30 by the close, pointing to potential oversold conditions, but bearish pressure remains strong.
• A key support level formed around $0.002313, with resistance at $0.002563; a break below could target $0.002285 based on Fibonacci levels.

The 24-hour period for Memecoin/Tether (MEMEUSDT) saw the price open at $0.002493 and close at $0.002357 by 12:00 ET. The session high was $0.002563, while the low reached $0.002313. Total volume for the period was 591,884,100 MEME, with a notional turnover of $1.44 million, reflecting moderate but uneven market engagement. The price action suggests a bearish sentiment, particularly after the mid-day high.

Structure & Formations

The price formed a descending triangle pattern on the 15-minute chart, with a clear upper resistance at $0.002563 and a lower support at $0.002313. A key bearish engulfing pattern appeared late in the session, confirming a potential reversal from short-term strength to weakness. A doji formed near $0.002361, signaling indecision and potential exhaustion in the current bearish trend. The price may find support near the 61.8% Fibonacci retracement level at $0.002313, with a potential target at $0.002285 if this level breaks.

Moving Averages

On the 15-minute chart, the 20-period MA is currently above the 50-period MA, forming a bearish crossover. The 50-period MA sits at $0.002415, while the 20-period MA is at $0.002429, suggesting continued bearish momentum. On the daily chart, the 50-period MA at $0.002492 and the 200-period MA at $0.002471 indicate that MEME is below both, reinforcing the bearish bias.

MACD & RSI

The MACD histogram remains negative, with the MACD line below the signal line, indicating sustained bearish momentum. RSI has dropped to 28 by the close, signaling oversold conditions, although bearish pressure remains strong. The combination of low RSI and bearish MACD suggests a higher probability of a continuation of the downtrend unless strong bullish volume emerges.

Bollinger Bands

Price action is currently near the lower Bollinger Band, with volatility at relatively high levels. A contraction in volatility was observed earlier in the session, followed by a sharp expansion, which often precedes a breakout or breakdown. The price remains within the band, but the proximity to the lower boundary reinforces the bearish tone.

Volume & Turnover

Volume spiked during the mid-day session and again in the late hours, with the largest 15-minute bar occurring at $0.002563 with 93.2 million MEME traded. Turnover increased during these periods but remained below average for the session. A divergence between price and volume was observed as the price fell while volume remained steady, suggesting a possible lack of conviction in the current bearish move.

Fibonacci Retracements

Key Fibonacci levels on the recent 15-minute swing are at 38.2% ($0.002421), 50% ($0.002389), and 61.8% ($0.002313). The 61.8% level coincided with a strong support formation, reinforcing the potential for a short-term bounce or consolidation. On the daily chart, the 50% Fibonacci retracement level is at $0.002492, which is currently acting as a key psychological barrier.

Backtest Hypothesis

The proposed backtesting strategy involves a mean-reversion approach, where long positions are initiated when the RSI falls below 30 and the price is within the lower Bollinger Band. Short positions are initiated when the RSI rises above 70 and the price is within the upper Bollinger Band. This strategy aligns with the observed conditions at the close of the session, where RSI was near 28 and the price was near the lower Bollinger Band. A backtest would assess how this approach would have performed historically during similar volatility expansions and bearish trends.