MEW is trading inside a **descending wedge pattern**, often signaling a potential reversal if broken. Currently, it’s approaching a critical resistance level at **$0.0048**, which has been a consistent rejection point.
1️⃣ **Key Technical Points**
- **Wedge Formation**: MEW is consolidating in a descending wedge, with its range tightening.
- **$0.0048 Resistance**: This level has been tested multiple times but hasn’t been broken yet.
- A breakthrough could see MEW targeting the upper trendline at **$0.0055–$0.0060**.
2️⃣ **Potential Breakout**
- If MEW clears the upper trendline, a more significant rally could push it to around **$0.007** or higher.
3️⃣ **Risk of Rejection**
- A failure to break the $0.0048 resistance may result in a pullback toward the wedge’s lower range or continued consolidation.
4️⃣ **Summary**
MEW is at a critical point. The **$0.0048 resistance** is the key level to watch. A breakout could lead to a rally toward **$0.007**, but failure could mean more consolidation or a retest of lower levels.
Stay cautious and keep an eye on the price action!