Technical Analysis and Trading signal $ME /USDT
Current Price: $4.73
24h High: $5.488
24h Low: $4.600
24h Volume (USDT): 167.42M
Trend Analysis
The ME/USDT pair has shown a downtrend over the past 24 hours, with a 7.92% drop. The price has fallen from its 24h high of $5.488 to the current price of $4.73. We are seeing reduced volatility, as reflected by the 24h volume.
Support and Resistance Levels
Support Level (Strong): $4.60 (close to the 24h low)
Resistance Level (Strong): $5.50 (recent 24h high)
Next Support Zone: $4.50 (a key psychological level)
Next Resistance Zone: $5.00 (psychological resistance level)
Trade Signals
Buy Signal (Bullish Momentum)
Trigger Price: $4.80
Entry Point: A confirmed break above $4.80 could suggest a reversal and lead towards testing the next resistance level at $5.00.
Target Levels:
1. Target 1: $5.00 (Initial resistance level)
2. Target 2: $5.30 (Next resistance zone, a slight retracement level)
3. Target 3: $5.50 (Key resistance level, testing the 24h high)
Sell Signal (Bearish Momentum)
Trigger Price: $4.60
Entry Point: A break below $4.60 suggests continuation of the bearish trend.
Target Levels:
1. Target 1: $4.50 (next major support level)
2. Target 2: $4.30 (Fibonacci retracement support)
3. Target 3: $4.00 (psychological support level)
Momentum Analysis
Momentum is currently bearish, as indicated by the price drop and the negative percentage change.
RSI (Relative Strength Index): Check for RSI levels to confirm overbought or oversold conditions. If RSI is below 30, it might indicate a potential reversal from oversold conditions, which could trigger a buy signal.
Conclusion
For the short-term:
If ME/USDT maintains above $4.60, there is a potential for a rebound towards the $5.00 level.
If ME/USDT breaks below $4.60, further downside towards $4.50 and $4.30 is likely.