Market Overview for Memecoin/Tether (MEMEUSDT): Volatile 24-Hour Session with Key Resistance and Support Tested

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• MEMEUSDT opened at $0.002435, reached $0.002438 high, and closed at $0.002362 after a volatile 24-hour session.
• Price dropped 2.89%, with volume surging to $1.36 billion, showing heightened market activity and bearish sentiment.
• Key support tested at $0.002342–$0.002362 with bearish engulfing patterns seen in early evening (ET) trading.
• RSI reached oversold levels (<30), indicating potential bounce, but must hold above $0.00237 to confirm.

Market Summary at a Glance

Memecoin/Tether (MEMEUSDT) opened at $0.002435 on 2025-09-23 12:00 ET and closed at $0.002362 on 2025-09-24 12:00 ET, following a 24-hour period marked by sharp intraday volatility. The pair reached a high of $0.002438 and fell to a low of $0.002342. Total volume across the 24-hour period was 540,306,254.0 with a notional turnover of $1.36 billion.

Structure & Formations

The price action displayed bearish continuation patterns such as bearish engulfing and evening doji, especially between 19:00–20:00 ET and around 04:15 ET, signaling exhaustion at key resistance levels. A notable bearish breakdown occurred at $0.00237, with a strong rejection at the $0.00240–0.00242 cluster that had previously acted as a dynamic resistance.

Support and Resistance Levels

- Key Resistance: $0.002405–0.002415
- Key Support: $0.002342–0.002355

Moving Averages

Short-term (20/50-period 15-minute) moving averages trended downward during the session, reflecting strong bearish momentum. The 50-period line crossed below the 20-period line in a death cross formation, reinforcing bearish bias. For daily charts, the 50/100/200-period lines remained in a downtrend with the 200-period line acting as a key long-term reference point.

MACD & RSI

The 15-minute MACD showed a bearish crossover with negative divergence, indicating potential for further downside. The RSI dropped below 30 into oversold territory, suggesting a short-term rebound might be due, but the magnitude of the drop implies deeper correction is still possible if bearish sentiment continues.

Bollinger Bands

Volatility increased significantly during the session, with the price oscillating between the outer bands from 16:00–21:00 ET. A contraction in Bollinger Band width occurred between 02:00–04:00 ET, followed by a sharp expansion. Price closed near the lower band, indicating bearish pressure.

Volume & Turnover

Trading volume peaked during the bearish breakdown phase between 16:00–20:00 ET, with turnover aligning with price decline. A divergence in volume was observed in the final 2 hours of the session (10:00–12:00 ET), where volume was relatively low despite a small rebound in price, suggesting weakening bearish momentum.

Fibonacci Retracements

Applying Fibonacci to the recent swing high of $0.002438 and low of $0.002342, the 38.2% level at $0.002390 and 61.8% at $0.002360 were tested with bearish outcomes. The $0.002362 level now appears as a potential short-term support.

Backtest Hypothesis

The bearish engulfing pattern observed during the 19:00–20:00 ET and 04:15–05:00 ET periods may serve as a robust entry trigger for short positions when confirmed by a close below the 61.8% Fibonacci level. A backtest using this setup—entry on bearish engulfing confirmation with stop-loss placed above the 38.2% retrace at $0.002390—could yield a risk-reward profile of 1:2 or better, based on the 24-hour move. Given the low RSI and volume divergence, this pattern may prove effective in a continuation of the downtrend over the next 48 hours.

Outlook and Risk Caveat

Looking ahead, MEMEUSDT appears to be in a strong bearish phase, with price likely to test $0.002342–0.002360 support in the next 24 hours. A rebound above $0.00237 could provide a short-term bounce, but a sustained close above $0.00240 would be needed to reverse the bearish trend. Investors should remain cautious of sudden volatility shifts or news-driven spikes.