technical analysis and trade signal for $ME /USDT:
Current Price: $3.585 (down 6.25% in the last 24 hours)
24h High: $3.922
24h Low: $3.491
Trend: The price has experienced a slight decline of 6.25% in the last 24 hours, indicating a weak bearish momentum but not a drastic downtrend.
Support & Resistance Levels:
Support: The current support level is near $3.491 (24h low), which is a critical zone for potential price reversal.
Resistance: The price faces resistance around $3.922 (24h high), which could limit upward movement without further buying pressure.
Momentum Indicators:
SAR (0.02, 0.2): The SAR value is at 3.536, suggesting a potential bullish reversal point if the price approaches or stays above this level.
Relative Strength Index (RSI): If RSI is in the oversold zone (below 30), it could indicate a buying opportunity.
MACD: A bullish crossover in the MACD could signal potential upward momentum, especially if the price stabilizes above the SAR.
Trade Signal & Targets:
Entry Point: Enter near the current price of $3.585, especially if the price holds above the SAR level of 3.536, indicating a potential bullish reversal.
Target Levels:
1. Target 1: $3.70 - A reasonable first resistance target, where the price may face some resistance before moving higher.
2. Target 2: $3.85 - A mid-range target, approaching the upper resistance zone around $3.922.
3. Target 3: $3.92 - This is the 24h high and a key resistance point. If the price breaks through this, it could signal further upside potential.
Trade Momentum:
Bearish Momentum: The price has been slightly bearish, but there is potential for reversal if it holds above key support.
Reversal Opportunity: If the price shows signs of stability above $3.536 (SAR), a short-term bullish reversal could be expected, especially with RSI and MACD confirming upward momentum.
Stop Loss: Place a stop-loss just below the support level of $3.491 to protect against further downside.