The chart you’ve shared shows the MEW/USDT trading pair on a 1-hour timeframe. Let me break down the analysis:
1. Current Price Action: The price is sitting at $0.011090 with a slight decline (-0.41%). Recently, there was a notable spike upward after a period of consolidation, and the price briefly touched a high of $0.011716. The upward momentum seems to have paused slightly, but the price is still relatively close to the recent peak.
2. Support Levels:
- The most immediate support level is around $0.0086910, as indicated by the white line. This level acted as a base during previous price consolidations.
3. Resistance Levels:
- The high around $0.011716 acts as a resistance level. The price might find it difficult to break this level unless it gains enough momentum.
4. RSI Indicator:
- The RSI value is at 57.10, which suggests that the market is not in the overbought or oversold zone. This means the price could still have room to move in either direction depending on momentum.
### Next Move:
- Bullish Scenario: If buying pressure increases, the price may retest the recent high around $0.011716. If it breaks above this level, we could see further upward momentum, potentially heading towards the next psychological resistance at $0.012000.
- Bearish Scenario: If the current pullback continues, the price might drop towards the $0.010000 or $0.0086910 support level. Watch for a breakdown of these levels for further downside risk.
Currently, the market is in a slight consolidation phase after a sharp upward move, so it is essential to monitor how it reacts to key support/resistance zones. Keep an eye on the volume and RSI for clues on the strength of the next move.
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