Market Overview for Memecoin/Tether (MEMEUSDT)

Summary
• Price action formed a key bearish divergence with volume in the final 5-hour window.
• RSI signaled overbought conditions briefly before a sharp pullback below 50.
• Bollinger Bands saw a significant expansion mid-day as volatility increased.
• A large inside bar formation appeared near the 0.001062 support level.
• Notional turnover surged 4.2x in the final hour before stabilizing.

Memecoin/Tether (MEMEUSDT) opened at 0.00107 and traded between 0.00103 and 0.00108 over the past 24 hours, closing at 0.000998 at 12:00 ET. Total volume was 682,129,146, with a notional turnover of $685,562.

Structure & Formations

The price action displayed a bearish reversal pattern near 0.001062, with a large bar on the 5-minute chart confirming a key support level. The daily timeframe showed a breakdown below a prior 61.8% Fibonacci level, suggesting further downside risk. A notable 50-period moving average crossover occurred mid-day, reinforcing the bearish bias.

Momentum and Volatility

MACD showed a bearish crossover early in the morning, followed by a narrowing histogram during the afternoon. RSI peaked at 62 before falling below 40 by the close, indicating waning bullish momentum. Bollinger Bands expanded sharply as volatility increased, with the price spending much of the session near the lower band.

Volume and Turnover

Volume spiked dramatically in the final hour, reaching a high of 173,427,616 on the 5-minute chart. Notional turnover followed a similar pattern, surging to $173,500 at its peak. The price-volume divergence suggests a potential exhaustion phase, with buyers stepping in late in a fragmented manner.

The price may test the next key support level near 0.00099 in the next 24 hours, with a potential for a bounce if buyers step in. Investors should be cautious of further downside in the absence of a clear bullish reversal.