Market Overview: Memecoin/Tether (MEMEUSDT) – Volatility and Pressure to the South

Summary
• Price drifted lower on the 5-minute chart, ending near 0.000991 with bearish momentum.
• A key support level appears at 0.000978, with a shallow bounce observed.
• Volume surged during the selloff, confirming bearish sentiment but showing no sign of exhaustion.

Memecoin/Tether (MEMEUSDT) opened at 0.001020 at 12:00 ET−1 and traded between 0.001027 and 0.000956 over the 24-hour period, closing at 0.000991. Total volume reached 523,486,995, with a notional turnover of approximately $515,000 (based on average price).

Structure & Formations

Price declined in a broad bearish channel over the 5-minute timeframe, with no strong reversal patterns emerging.

A key support level at 0.000978 was briefly tested, but the bounce was shallow, suggesting potential for further downside if the level fails. On the daily chart, the 50-period EMA is bearish and has acted as a resistance-turned-support, now being retested.

Moving Averages

The 20- and 50-period SMAs on the 5-minute chart are bearish and have tracked the downward move. The daily 50/100/200 EMA stack remains bearish, with price holding above the 200 EMA, but only just. A breakdown below the 100 EMA would raise concerns about a new near-term trend.

Momentum and Volatility

The 12-period MACD remains negative, with bearish divergence and a weak signal line suggesting ongoing pressure. The RSI sits in oversold territory at 29, but without confirmation of a reversal pattern, this may be false relief. Volatility spiked during the sharp decline to 0.000956, with price trading outside the lower Bollinger Band, indicating heightened fear.

Volume and Turnover

Volume spiked during the selloff to 0.000956 and remained elevated, confirming the bearish move. Notional turnover also rose sharply, but price failed to follow through with a strong rebound. Divergence between volume and price could signal uncertainty or a potential short-term bottom.

Key Levels and Fibonacci

A 61.8% Fibonacci retracement from the 0.001027 high to the 0.000956 low sits at 0.000978, aligning with a recent support level. A retest of this level will be critical. If broken, the next target is 0.000956. On the 5-minute chart, a 38.2% retracement at 0.000987 could serve as a near-term floor.

The next 24 hours could see a test of the 0.000978 support, with mixed signals from momentum and volume. While the RSI suggests a potential bounce, confirmation of a reversal is lacking. Investors should watch for a breakdown below 0.000978 and be prepared for increased volatility if the level fails.