Me Analysis
Let's take a look at what me is all about! The narrative initially was that magiceden is an NFT ecological project based on the Solana chain, but as it developed, it has now started supporting multiple chain applications such as Ethereum and Polygon. Recently, a hot topic around it is the launch of B安一柱擎天 on 12.20, which is still fresh in memory. Before the market opened, there was a massive selling pressure that pushed it down to 22 dollars. Additionally, after launching in 🇰🇷, there was a very high premium phenomenon, resulting in significant profits for quantitative traders. Therefore, the excitement around new projects is at an all-time high. To discuss the specific outlook, this coin heavily relies on the platform's market position. Moreover, as the native governance token of the platform, the governance rights of this coin are limited. Personally, I define this coin as a meme coin. Additionally, competition among similar categories is very fierce, which may lead to sustained price pressure. If it were me, I would choose a better target than this. That said, it doesn't mean there are no opportunities; we can only wait for the price to retract below the main cost level, allowing market makers to fully rotate before there is a chance. This is also the reason I previously mentioned that I would only act in the 2.0-1.5 range.
Operational Advice:
If you want to speculate, wait for the conditions to be met for a daily level pullback in the 2.0-1.5 range. The cycle can be extended; this coin is likely to strengthen at the end of a bull market, and the window period is short. When new coins experience a bit of a bull market, it’s hard to predict how much they can rally. 7.5 is the mid-line pressure, so you should consider reducing your position or taking profits here.
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