Based on the chart you've shared for $ME
/USDT, here's a technical analysis to guide traders:
Key Observations:
1. Current Price: $3.320
2. EMA Trends:
EMA(7): $3.304 (yellow line, short-term momentum is slightly bearish).
EMA(25): $3.322 (pink line, mid-term resistance is aligned near the current price).
EMA(99): $3.427 (purple line, long-term trend shows overall bearish sentiment).
3. Volume: Reduced trading volume indicates a consolidation phase after the drop.
4. Support and Resistance:
Immediate support: $3.233 (recent low).
Key resistance: $3.427 (aligned with EMA-99 and psychological resistance).
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Prediction and Strategy:
Bearish Continuation (Likely Scenario):
The price is trading below EMA(99) and struggling to break above EMA(25), signaling a continuation of the bearish trend.
If $3.233 support is broken, expect:
Target 1: $3.20
Target 2: $3.00 (psychological level).
Strategy: Place a short position below $3.233 with a stop-loss at $3.34 and targets at $3.20 and $3.00.
Bullish Recovery (Alternative Scenario):
A break above EMA(99) at $3.427 could indicate a trend reversal.
If $3.427 is broken:
Target 1: $3.50
Target 2: $3.57 (recent high).
Strategy: Place a long position above $3.43 with a stop-loss at $3.30 and targets at $3.50 and $3.57.
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Recommendation to Traders:
Short-Term Traders: Wait for a confirmed breakout above $3.427 or a breakdown below $3.233 before entering trades.
Long-Term Holders: Accumulate cautiously near $3.20-$3.00 if the price declines further, but monitor overall market sentiment for sustained recovery.
Discipline with stop-loss levels is essential in such a volatile market phase. Let the breakout or breakdown dictate your entry.
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