Market Overview for Memecoin/Tether (MEMEUSDT) – 2025-11-02

• • •
• Price formed multiple bearish signals amid a broad downward drift.
• RSI and MACD showed weakening momentum with no overbought signs.
• Volatility expanded in the morning before narrowing, signaling consolidation.
• Volume spiked during price breakouts, but turnover failed to confirm bullish action.
• A key support level at 0.001545 appears vulnerable in the near term.

The 24-hour price action of Memecoin/Tether (MEMEUSDT) opened at 0.001558 on 2025-11-01 at 12:00 ET and closed at 0.001559 on 2025-11-02 at 12:00 ET, reaching a high of 0.001582 and a low of 0.001481. Total volume over the period was approximately 543,655,384, while notional turnover reached around $841,268. The price drifted lower for most of the session, forming a bearish bias with several consolidation patterns in the final hours.

Structure & Formations

Price action revealed several bearish formations. A morning breakout above 0.001582 failed to hold, resulting in a bearish engulfing pattern by the afternoon. A doji formed around 0.001571 in the midday session, indicating indecision. Key resistance levels appear at 0.001582 and 0.001575, while support is forming at 0.001545 and 0.001525. These levels could become crucial in the next 24 hours depending on market sentiment and volume participation.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both sloping downward, with the 50-period line below the 20-period, suggesting a bearish bias. On the daily chart, the 200-period MA sits well above the 50-period MA, reinforcing the long-term bearish trend. Price is currently trading below all key moving averages, indicating ongoing bearish pressure and a lack of bullish conviction.

MACD & RSI

The MACD line has been negative throughout the session, crossing below the signal line early on and showing no signs of a bullish crossover. The RSI is currently at 50, having moved from overbought territory early in the session to neutral range by the close. This suggests that momentum has waned, and any further rally could face resistance before the 0.001580 level.

Bollinger Bands

Bollinger Bands show a recent expansion in volatility early in the session, particularly around the 0.001582 high, followed by a contraction as price settled lower. Price has spent the last 6 hours within the upper and middle bands, indicating a lack of bullish breakout energy. A move above the upper band would require a sharp rally, while a break below the middle band could signal further bearish extension.

Volume & Turnover

Volume spiked in the early hours as price attempted to break above 0.001582, reaching a peak of 22,047,309 at 06:30 ET. However, turnover failed to confirm this bullish action, with total turnover only increasing modestly. In contrast, the breakdown below 0.001570 was accompanied by moderate volume, indicating a weaker bearish conviction. Divergences between volume and price may suggest market fatigue.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from 0.001481 to 0.001582, price has found temporary support at the 61.8% level (around 0.001545) and may test the 38.2% level at 0.001533 if the bearish momentum continues. These levels will be important to watch in the next 24 hours, as a close below 0.001545 could signal a deeper correction to 0.001525.

Backtest Hypothesis

The backtesting strategy described assumes a long-only, close-price-based approach with a fixed 14-day holding period, offering insights into the efficacy of such a strategy in the broader market context. While this strategy was applied to SPY, similar concepts—such as holding periods and momentum-based indicators like MACD and RSI—could be adapted to analyze MEMEUSDT’s behavior. The low Sharpe ratio and frequent small gains in the backtest suggest that MEMEUSDT may struggle to produce consistent outperformance in a bearish environment unless higher volatility or directional shifts emerge.

Over the next 24 hours, MEMEUSDT may test the 0.001545 support level, with a potential breakdown signaling a deeper correction. Traders should watch for a divergence in volume and price action as a warning sign of a potential reversal or exhaustion of bearish momentum. Market participants are cautioned to consider the broader risk environment, including macroeconomic conditions and sentiment in the broader crypto market.