What caused the crazy plunge of ME???

Recently, many people may have been disappointed with the ME project. The project raised nearly 150 million, with COINBASE also participating in the investment, and a total issuance of 1.1 billion, with a circulation of 130 million. However, its performance post-launch has been unsatisfactory. Before the launch, ME opened pre-market trading and contract settlement, allowing some participants to obtain tokens in advance. After the launch, the price once soared to 30, but then fell all the way down to a low of 3.6. This phenomenon is mainly due to the selling pressure from early participants. Investigations show that a large amount of selling was actually done by retail investors, while the outflow from major players was relatively small and almost negligible.

【Price Trend Analysis】

K-line Pattern:

The recent K-line chart shows a clear downward trend, particularly from December 14 to 16, when the price dropped from 4.205 to 3.748.

Recently, there have been multiple long upper shadows and bearish candles, indicating significant market selling pressure.

Technical Indicators:

MACD: Currently, the MACD is in the bearish zone, with both DIF and DEA being negative, and there are no obvious signs of convergence, suggesting that downward pressure still exists.

RSI: The RSI value is close to the oversold zone (around 28), but has not yet reached extreme oversold conditions, which may lead to a short-term rebound; however, the overall trend remains weak.

EMA: EMA7, EMA30, and EMA120 are all in a bearish arrangement, with the price below all moving averages, indicating a strong downward trend. EMA7 poses short-term resistance to the price.

Trading Volume:

Following the significant drop on December 14, trading volume has gradually decreased, indicating a reduction in market participation and an increase in wait-and-see sentiment. The decrease in trading volume coincides with the continuous decline in price, suggesting that the downward momentum has weakened, but there are currently no clear signs of a bottoming out.

Key Point: The bull is still here! The bull is still here!! The bull is still here!!!

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