MEUSDT Breaks Key Support as Volume Fades

Summary
• Price consolidated in a tight range (0.2084–0.2114) with a bearish 5-minute engulfing pattern near 0.2112.
• RSI shows moderate bearish momentum with no clear overbought/oversold signals, suggesting balanced pressure.
• Volume surged during the upward move but declined with the pullback, hinting at weakening buying interest.
• Price tested a descending Bollinger Band contraction, now expanding with increased volatility.
• Key support at 0.2084–0.2087 appears resilient, with a 61.8% Fibonacci retracement aligning at 0.2091.

At 12:00 ET-1, Magic Eden/Tether (MEUSDT) opened at 0.2091, reaching a high of 0.2114 and a low of 0.2073 before closing at 0.2069. Total volume over 24 hours was 1,018,739.84, with a notional turnover of 207,109.82.

Structure & Moving Averages

The 5-minute price action formed a bearish engulfing pattern near 0.2112, confirming downward pressure. The 20-period moving average dipped below the 50-period line, signaling a short-term bearish bias. Daily moving averages (50/100/200) show no clear divergence, with price hovering just below the 50-period line.

MACD & RSI

MACD turned negative, indicating waning bullish momentum, while RSI hovered in the mid-40s, avoiding overbought or oversold extremes. This suggests the market remains in a balanced consolidation phase.

Bollinger Bands and Volatility

Price tested a descending Bollinger Band contraction around 0.2114 and is now expanding downward. Volatility has increased, with price hovering near the lower band, suggesting potential for further downside or a short-term bounce.

Volume and Turnover

Volume spiked during the upward move to 0.2114 but dropped sharply with the subsequent pullback, indicating weakening buying interest. Notional turnover followed a similar pattern, reinforcing the lack of conviction in the recent bearish move.

Fibonacci Retracements

A 61.8% Fibonacci retracement from the recent swing high at 0.2114 to the swing low at 0.2073 aligns near 0.2091. Price may test this level as a potential area of support/resistance in the next 24 hours.

The market may continue to consolidate near key Fibonacci levels and Bollinger Band thresholds. A break below 0.2073 could trigger further downside, but traders should remain cautious of divergences in volume and momentum as potential early warning signs.