$ME Analysis – Current Situation, Problems, and Targets

Current Price: $3.137 (-12.23%)

24h High: $3.623 | 24h Low: $3.043

24h Volume:

ME: 16.27M

USDT: 53.65M

Current Market Situation

$ME has experienced a notable decline of 12.23% in the last 24 hours, falling to $3.13, close to its support at $3.04. The drop highlights ongoing bearish pressure in the market.

Key Problems:

1. Selling Pressure: A significant increase in volume (53.65M USDT) indicates traders exiting positions due to uncertainty and short-term bearish sentiment.

2. Technical Weakness:

Price remains below the 7-day Moving Average (MA) at $4.087, signaling short-term bearish control.

Lack of clear support from higher timeframes adds to selling momentum.

3. Market Sentiment: Growing fear and negative momentum across NFT-related tokens may be contributing to ME's current struggles.

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Technical Analysis

Support and Resistance:

Immediate Support: $3.04 (24h low)

Short-Term Resistance: $3.40

Key Resistance: $3.62 (24h high)

Moving Averages:

MA(7): 4.087 – Price is trading well below, confirming bearish strength.

MA(25) & MA(99): Not available but will be critical for mid/long-term trends.

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Price Targets

1. Bullish Scenario:

If $3.04 holds as strong support and buying volume increases:

Target 1: $3.40 (Short-term resistance)

Target 2: $3.62 (24h high)

Target 3: $3.80–$4.00 (psychological level)

2. Bearish Scenario:

If $ME fails to hold the $3.04 support level:

Target 1: $3.00

Target 2: $2.80–$2.90

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Challenges Facing ME/USDT

1. Technical Downtrend: Price action remains weak, and failure to reclaim above key resistance levels could trigger further selling.

2. Market Uncertainty: Broader market volatility, especially in NFT-related assets, is impacting investor confidence.

3. Lack of Buy Momentum: Despite high volume, buyers are unable to counter the selling pressure, keeping ME trapped in a bearish trend.

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