Recently, I believe many people have been tricked by ME, raising nearly 150 million, with COINBASE as an investor, an issuance of 1.1 billion, and a circulation of 130 million. Why did it perform so poorly after going online? Before going online, ME opened pre-market trading and settlement contracts in advance, allowing these previous participants to acquire chips early. After ME went online, it soared around 30, and then dropped all the way down to about 3.6. This is the current result caused by the selling pressure from early participants acquiring chips. Investigations indicate that a large amount of selling was driven by retail investors, while the outflow from major players is negligible, only a few dozen to a few hundred, which can be disregarded as just a trigger.
[Price Trend Analysis]

K-line Pattern:
The recent K-line shows a clear downward trend, especially during the period from December 14 to 16, where the price fell from 4.205 all the way down to 3.748.

Recently, multiple long upper shadows and bearish candles have appeared, indicating heavy selling pressure in the market.

Technical Indicators:

MACD: The current MACD is in the bearish zone, with both DIF and DEA being negative and showing no significant convergence signs, suggesting that downward pressure still exists.

RSI: The RSI value is close to the oversold area (around 28), but has not yet entered an extreme oversold state. There may be a short-term rebound demand, but the overall bias is weak.

EMA: EMA7, EMA30, and EMA120 show a bearish arrangement, with the price below all moving averages, indicating a strong downward trend. EMA7 forms short-term resistance against the price.

Trading Volume:
After the large drop in volume on December 14, trading volume has gradually shrunk, indicating a decrease in market participation and a strong wait-and-see sentiment.
The reduction in trading volume accompanies the continued decline in price, suggesting that the downward momentum has weakened, but no clear stop-loss signal has been seen yet.#me #加密市场狂欢