Market Overview for Memecoin/Tether (MEMEUSDT)

• Price declined 17.2% over 24 hours, closing near a psychological support level
• RSI(14) dipped into oversold territory at 28, suggesting potential short-term bounce
• Volatility expanded sharply midday, with 15-minute Bollinger Bands widening
• Volume surged in early ET afternoon, but turnover failed to confirm price strength

At 12:00 ET on 2025-10-07, Memecoin/Tether (MEMEUSDT) opened at $0.002521, hit a high of $0.002569, and closed at $0.00251. The 24-hour low was $0.002405. Total volume reached 459,347,309.00, with notional turnover amounting to $1,164.77. A bearish continuation unfolded amid mixed volume profiles and a sharp post-noon breakdown.

Structure & Formations

Price action formed a bearish engulfing pattern on the 15-minute chart at 22:30 ET, confirming a trend reversal after midday consolidation. A doji candle appeared at 03:30 ET, indicating indecision near the 0.002511 level. Key support levels identified include 0.002500 (Psychological) and 0.002472 (24-hour pivot), while resistance rests at 0.002546 (Intraday peak) and 0.002569 (Daily high).

Moving Averages

The 15-minute chart shows price closing below the 20SMA at 0.002533 and 50SMA at 0.002536, reinforcing bearish momentum. On the daily chart, the 50DMA at 0.002540 and 200DMA at 0.002522 suggest a neutral to bearish bias as price remains below the 100DMA.

MACD & RSI

The RSI(14) dropped to 28, dipping into oversold territory, while the MACD histogram turned negative with a bearish crossover. This suggests exhaustion in the short-term bear move but does not guarantee a reversal. The MACD line at -0.000003 with a signal line at -0.000001 indicates weakening bullish momentum.

Bollinger Bands

Volatility spiked midday as Bollinger Bands expanded to a width of 0.000048, with price breaching the upper band at 0.002569. A contraction in band width was observed in the early morning, followed by a sharp expansion at 14:00 ET. Price currently sits near the lower band, suggesting a potential short-term bounce or continuation depending on volume confirmation.

Volume & Turnover

Trading volume peaked at 114,969,282.00 at 13:45 ET, coinciding with a sharp price drop to 0.002472. However, notional turnover failed to follow suit, suggesting deteriorating conviction in the bear move. A divergence between volume and price was observed after 03:00 ET, which may signal a potential false breakdown.

Fibonacci Retracements

Applying Fibonacci to the intraday swing from 0.002569 to 0.002405, price currently resides at the 61.8% level, suggesting a high probability of continuation below 0.002500. On the daily chart, the 38.2% retracement at 0.002533 may act as a minor resistance ahead of the 50% level at 0.002552.

Backtest Hypothesis

Given the bearish engulfing pattern and RSI in oversold territory, a potential short-term reversal strategy could be tested. A backtest would involve entering a long position if price breaks above 0.002510 with 50% volume confirmation, with a stop-loss below the 24-hour low at 0.002405. A 61.8% Fibonacci target at 0.002535 and 100% target at 0.002569 could serve as profit targets. This strategy would aim to capture a short-term bounce within a bearish trend while managing downside risk.