MEW Token Faces Resistance at $0.006, Why This Retest Is Different
MEW token is up 34% since September 18 but currently faces key resistance levels between $0.006 and $0.00633. Despite bullish market sentiment, spot CVD has warned of profit-taking, which does not bode well for holders.
Current market conditions
The $0.004 to $0.00434 area has provided stable support over the past six weeks. MEW bulls have managed to bounce off this support zone twice but were once again rejected at the $0.006 resistance level.
Volume increased significantly on September 19, indicating increasing bullish power. While the RSI indicator is showing strong upward momentum and OBV is also rising on buying pressure, MEW still needs to close above $0.00633 to confirm the continued bullish trend.
Signs of profit taking
Although open interest increased from $34 million to $73.9 million, showing strong bullish confidence, spot CVD quickly fell back after rising sharply on September 19, indicating profit-taking behavior in the market. This means that many investors are skeptical about MEW’s ability to break above $0.006.
Overall, while the market is bullish on MEW in the short term, the presence of resistance levels and signs of profit-taking remind investors to remain cautious.
