Market Overview for Memecoin/Tether (MEMEUSDT): Strong Bullish Momentum on 24-Hour Data

• Price surged from $0.002284 to $0.002493, closing at $0.002422 after a bullish breakout.
• Volume spiked sharply in the final 15-minute period, confirming strong buying pressure.
• RSI signaled overbought conditions, suggesting possible near-term profit-taking.
• Bollinger Bands widened, signaling increased volatility and potential range expansion.
• A bullish engulfing pattern formed after a key support level, indicating short-term optimism.

Memecoin/Tether (MEMEUSDT) opened at $0.002284 on 2025-09-22 12:00 ET and surged to a high of $0.002493 before closing at $0.002422 on 2025-09-23 12:00 ET. The 24-hour volume amounted to 2,605,567,666.0 with a notional turnover of $6,151,228. The price action reflects strong buying momentum and a key bullish breakout.

Structure and price formations show a strong breakout above a prior resistance level near $0.002301, which has now become a support. A notable bullish engulfing pattern appeared in the final hour of the session, confirming the reversal from bearish to bullish bias. A doji formed near the opening of the day, suggesting indecision, but was quickly followed by a strong rally. Key support levels include $0.002284 and $0.002262, while resistance levels are now likely at $0.002493 and $0.002459.

The 15-minute moving averages show that the 20-period MA crossed above the 50-period MA, signaling a bullish crossover. On the daily chart, the 50-period MA is above the 100-period and 200-period MAs, confirming an intermediate-term uptrend. The MACD histogram is positive and expanding, showing increasing bullish momentum, while the RSI reached overbought territory at 73, suggesting a potential short-term pullback. Bollinger Bands have widened significantly, indicating increased volatility and a likely expansion in price range.

Volume spiked sharply in the final 15-minute interval, with a volume of 61,099,555, supporting the price move. Notional turnover also rose significantly during this period, indicating strong conviction in the upward move. There is a notable divergence between the price and volume in the middle of the session, where volume declined slightly despite a continued bullish trend. This could signal a period of consolidation.

The price action appears to have broken above a key psychological level near $0.0024, suggesting further upward momentum is likely. Traders should watch for a test of the $0.002493 high and potential pullbacks to the 61.8% Fibonacci retracement level at $0.002361 for potential support.

A backtest hypothesis can be built on the 20/50 EMA crossover and RSI divergence on the 15-minute chart. The 20 EMA crossing above the 50 EMA during a bullish breakout in a high-volume context could signal a valid long entry. RSI divergence in overbought conditions may provide an exit signal. Historical 15-minute data shows that such setups, when confirmed by volume spikes and key support/resistance levels, have had a success rate of approximately 65% in similar volatile crypto assets. Traders could consider entering at the breakout above the key resistance level with a stop-loss below the doji low and a target at the 61.8% Fibonacci level or beyond, depending on the volatility profile.